Nigeria has solidified its position as the country with the largest portfolio under the World Bank in Africa, with the institution’s financial commitments now reaching approximately $17 billion. This announcement was made by Ousmane Diagana, the World Bank�s Vice President for Western and Central Africa, during a high-level visit to Abuja. �
During his visit, Diagana met with Nigeria�s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, where he pledged the World Bank�s strong support for President Bola Tinubu�s ambitious economic reform agenda and sustainable development goals. �
Diagana commended Nigeria for its impressive Gross Domestic Product (GDP) growth of 3.4%, the highest recorded since 2014. He attributed this positive trend to the government�s ongoing efforts to stabilize the economy and effectively manage the World Bank�s substantial investment portfolio. He stressed that maintaining the current momentum of reforms is crucial for unlocking inclusive and job-creating growth, further solidifying Nigeria�s status as a cornerstone of the World Bank�s $17 billion commitment to the African continent. �
Nigeria�s leading role in the M300 initiative, a transformative pan-African program aimed at providing energy access to 300 million people, also received high praise from Diagana. He further called for an accelerated rollout of social protection measures, such as targeted cash transfers, to support vulnerable populations. This endorsement builds upon recent discussions held with World Bank President Ajay Banga, underscoring the urgency of advancing Nigeria�s energy access and broader development priorities. �
Responding to the World Bank�s commitment, Minister Edun outlined the Nigerian government�s strategic focus on three key pillars: enhancing the efficiency of project delivery, expanding biometric verification to cover 15 million citizens on the national social register, and accelerating the implementation of the M300 compact.
Minister Edun also announced the establishment of a dedicated Compact Delivery and Monitoring Unit. This unit is designed to drive unprecedented speed and success in the processes of project approvals and execution, ensuring that Nigeria maximizes the benefits of its partnership with the World Bank. The collaborative efforts between Nigeria and the World Bank will prioritize key areas such as boosting agricultural productivity, improving financing for Small and Medium-sized Enterprises (SMEs), advancing digital transformation, and promoting financial inclusion, all with the aim of fostering a resilient and inclusive economy.
With this significant $17 billion portfolio, Nigeria now stands at the forefront of Africa�s economic progress, leveraging the support of the World Bank to drive sustainable development, expand energy access, and foster digital innovation across the nation.
