The Media Line: World Bank Approves $1.25 Billion Loan for Nigeria Under Jobs Program  

World Bank Approves $1.25 Billion Loan for Nigeria Under Jobs Program  

By The Media Line Staff  

The World Bank has approved a seven-year $1.25 billion loan for Nigeria to support reforms aimed at accelerating private sector investment, creating jobs and reducing domestic price pressures through lower cross-border trade barriers.  

Financing will be provided through the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) program and forms part of the World Bank’s broader Country Partnership Framework covering the 2026-2032 period.  

The initiative is designed to strengthen Nigeria’s economic foundation through a series of government-backed reforms focused on infrastructure, agriculture, healthcare, trade and fiscal governance.  

Among the program’s objectives is expanding access to electricity for 32 million Nigerians. The framework also seeks to improve internet connectivity for 58 million people, support 9.5 million farmers and strengthen healthcare and nutrition services benefiting 40 million residents.  

The World Bank financing is also intended to improve the business environment and reduce barriers to cross-border trade, in an effort to encourage private-sector growth and employment.  

A portion of the funding will be tied to fiscal accountability measures. Under the program, states will receive performance-based grants only if they meet established budget transparency benchmarks.  

The loan is one component of the World Bank’s long-term partnership strategy with Nigeria through 2032, which aims to support economic development by combining investment with governance reforms. The approval comes as Nigerian authorities continue pursuing economic reforms intended to stimulate growth and attract greater private investment.  

Criticism has arisen over the funding package, particularly from some members of the public and civil society organizations, which have raised concerns about Nigeria’s growing external debt and continued reliance on foreign borrowing.  

Supporters of the program argue that investments in electricity, digital infrastructure, agriculture and healthcare are intended to improve living standards while strengthening the country’s long-term economic outlook.  

The NAIJA program also seeks to reduce inflationary pressures by lowering barriers to regional trade and creating conditions for increased private investment and employment, with implementation under the World Bank’s seven-year financing arrangement and the wider Country Partnership Framework, which extends from 2026 through 2032.