By Atlantic Reports

The World Bank Group says it is helping to mobilise up to US$5.79 billion in private financing for Nigeria in fiscal year 2026 to support infrastructure, agriculture and small businesses.

In an article released on Monday in Bangkok, the group said it was combining policy support, investment structuring, commercial financing and guarantees to attract private investors.

The financing is intended to improve productivity, expand services and create employment, including opportunities for women and young people. Those benefits remain expected outcomes, rather than demonstrated results.

The group said the World Bank supports reforms and projects, the International Finance Corporation (IFC) structures investments and mobilises investors, while the Multilateral Investment Guarantee Agency (MIGA) provides guarantees to reduce investment risks.

Broadband expansion

The group said the Building Resilient Digital Infrastructure for Growth (BRIDGE) Project was expected to attract at least US$156 million in private equity during its first investor selection round.

Subsequent rounds are projected to mobilise up to US$1.1 billion by 2030.

Through a public-private partnership, the project aims to develop a nationwide open-access fibre-optic network and extend affordable broadband access to an additional 58 million people by 2030.

Its stated targets include connecting millions of households, 38,800 public schools, 16,900 health facilities and 3,400 local government offices to high-speed internet.

These are planned coverage targets. The account did not specify how much of the network had been completed or how affordability would be measured.

Agriculture and fertiliser production

The Agricultural Value Chains for Growth (AGROW) Project targets one million smallholder farmers, including women and young people, through improved access to seeds, fertiliser, digital services and markets.

The World Bank Group said the project was expected to mobilise US$220 million from agribusiness firms and US$22 million from certified seed producers.

Separately, it said the IFC had helped mobilise US$1.02 billion for Dangote Industries Limited and US$282.5 million for Indorama Fertiliser to support domestic fertiliser production.

According to the group, the two projects have a combined annual production capacity of 6.8 million metric tonnes and are expected to improve fertiliser access for more than 10 million smallholder farmers.

Production capacity is distinct from actual output. The account did not provide utilisation figures or explain how increased production would affect the prices farmers pay.

Financing for smaller businesses

The Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) programme aims to expand financing access for more than 250,000 micro, small and medium enterprises.

The group said 30 per cent of financing would target women-led businesses.

A US$500 million package from the International Bank for Reconstruction and Development and the International Development Association would provide financing and risk-sharing instruments intended to attract additional private capital.

The programme is expected to mobilise nearly US$1.89 billion in private financing and support about 850,000 direct and indirect jobs.

The account did not set out borrower eligibility, lending rates or repayment terms. Those conditions will determine how accessible the programme is to smaller enterprises.

Telecommunications investment

The group also said the IFC served as an anchor investor in a US$1.2 billion bond issuance by IHS Towers, helping mobilise more than US$1.1 billion from private investors.

It said the investment would support telecommunications infrastructure and help mobile operators expand connectivity at lower cost through tower sharing.

The World Bank Group linked its wider investment strategy to reforms undertaken in Nigeria since mid-2023, including changes to foreign exchange management and public finances. It said its RESET and NAIJA development policy financing programmes had partly supported those reforms.

The account combines financing already described as mobilised with future projections extending to 2030. It does not provide a consolidated breakdown showing how every component relates to the fiscal year 2026 headline total.

For households, farmers and businesses, the practical test will be whether the investments deliver affordable connectivity, accessible finance, productive jobs and better access to essential inputs.

Atlantic Reports: Voices. People. Facts.