Nigeria has solidified its position as the World Bank’s largest portfolio in Africa, with financial commitments reaching approximately $17 billion, announced Ousmane Diagana, the institution’s vice president for Western and Central Africa.
During a high-level visit to Abuja, Diagana met with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to pledge robust support for President Bola Tinubu’s ambitious economic reform agenda and sustainable development goals.
Diagana hailed Nigeria’s impressive GDP growth of 3.4%, the highest since 2014, crediting the government’s efforts to stabilize the economy and optimize the World Bank’s substantial investment portfolio.
He emphasized that maintaining reform momentum is critical to unlocking inclusive, job-creating growth, reinforcing Nigeria’s status as a cornerstone of the World Bank’s $17 billion commitment to Africa.
Nigeria’s leadership in the M300 initiative, a transformative pan-African program targeting energy access for 300 million people, earned praise, with Diagana calling for accelerated rollout of social protection measures like targeted cash transfers.
This endorsement builds on recent discussions with World Bank President Ajay Banga, underscoring the urgency of advancing Nigeria’s energy access and development priorities.
In response, Minister Edun outlined the government’s strategic focus on three pillars: enhancing project delivery efficiency, expanding biometric verification for 15 million citizens on the national social register, and fast-tracking the M300 compact’s implementation.
He unveiled the creation of a Compact Delivery and Monitoring Unit, designed to drive unprecedented speed and success in project approvals and execution, ensuring Nigeria maximizes its World Bank partnership.
Collaboration between Nigeria and the World Bank will prioritize boosting agricultural productivity, improving SME financing, advancing digital transformation, and promoting financial inclusion to foster a resilient, inclusive economy.
With this $17 billion portfolio, Nigeria stands at the forefront of Africa’s economic progress, leveraging World Bank support to drive sustainable development, energy access, and digital innovation.
