President Bola Ahmed Tinubu with World Bank President, Mr Ajay Banga when Banga led the bank delegates on a courtesy visit to the Presidential Villa, Abuja [Image Credit: The Guardian]
- The World Bank Group is mobilizing $5.79 billion in private capital to invest in Nigeria’s agriculture, telecommunications, and small enterprise sectors.
- This initiative aims to increase private sector participation, improve food security, and expand digital connectivity across Nigeria.
- Over $1 billion was mobilized for Dangote and $282.5 million for Indorama to boost domestic fertilizer production, supporting more than 10 million smallholder farmers.
- Nearly $1.89 billion is directed toward small and medium-sized enterprises, with 30% allocated to women-led businesses, aiming to create about 850,000 jobs.
This funding drive aims to increase private sector involvement, enhance food security, and broaden digital connectivity throughout the nation.
To boost agricultural output, financing arrangements for major production facilities are helping expand domestic fertilizer capacity to 6.8 million metric tonnes annually, benefiting more than 10 million smallholder farmers.
As reported by the Vanguard, the International Finance Corporation (IFC) “helped mobilise $1.02 billion for Dangote through refinancing and financing from development institutions and commercial lenders, while $282.5 million was mobilised for Indorama through syndicated financing.”
Additionally, through its FINCLUDE program, the financial institution is directing nearly $1.89 billion in private capital toward small and medium-sized enterprises(reserving 30% for women-led businesses) to help generate an estimated 850,000 direct and indirect jobs.
Vanduard also reported that“in the telecommunications sector, IFC acted as an anchor investor in a $1.2 billion bond issuance by IHS Towers, helping to mobilise more than $1.1 billion from private investors and broaden participation in the transaction.“
Nigeria’s debt to the World Bank under the current president nears $10 billionGoogle
The World Bank Groupstated, “The World Bank supports reforms and projects that improve the investment environment and create viable opportunities. IFC complements this work by structuring investments, deploying its own capital, and bringing commercial lenders and institutional investors into those opportunities”.
According to Vanguard News, the institution credited recentFederal Government economic and policy reforms with creating these expanding investment opportunities.
