World Bank’s Nigeria Portfolio Hits $16bn Amid Efforts to Accelerate Growth, Job Creation

*In meeting with Bjerde, Sanwo-Olu reaffirms Lagos readiness to partner bank to develop energy, agriculture, tourism, human capital, others

*Visiting World Bank MD hails state’s milestones under current administration, set to meet Shettima, Edun, Cardoso

*IFC’s investments hit $1.2 billion

James Emejo in Abuja

The World Bank yesterday put its total ongoing, approved development projects and lending operations in the country at over $16 billion spread across several interventions including education, health, social protection, energy, and infrastructure among others.This came as the bank’s Managing Director of Operations, Ms Anna Bjerde, yesterday commenced a three-day visit to Nigeria to discuss how the World Bank Group can best support the country’s efforts to accelerate growth and job creation.In a meeting with the World Bank MD, Governor of Lagos State, Mr. Babajide Sanwo-Olu, reaffirmed his administration’s commitment to partner the Bretton Woods institution in the developing energy, agriculture, tourism and human capital in the state.The governor said Lagos was ready to do more to attract investments and partnerships that will improve the living standard of the residents, adding that the State Government will do what is necessary to receive more support from the World Bank to improve its infrastructure.Sanwo-Olu who received the World Bank Group team led Bjerde, including the International Finance Corporation (IFC) Regional Vice President for Africa, Mr. Ethiopia Tafara, at Lagos House, Marina, further read out achievements of his administration in the last six years through the delivery of the THEMES+ developmental agenda, which had impacted millions of Lagos residents positively.In a statement issued by his Special Adviser on Media and Publicity, Mr. Gboyega Akosile, the governor also disclosed that Lagos ranked 29th in the Ease of Doing Business index, based on a national ranking four years ago, adding that last year, the state moved to the first position after doubling its performance in every aspect of its endeavours.  In her earlier remarks, Bjerde, said the World Bank would partner the state in view of the laudable achievements of the Sanwo-Olu- led administration, noting that it was indicative of a national solution.She said there had been a lot of stability in the economy through the reforms initiated by the state’s current administration.The World Bank MD also pointed out that Lagos remained a major stakeholder on the bank’s interventions dashboard even as a subnational government.Bjerde said, “Nigeria has been very consistent. Policies haven’t been changing much, and that is helping predictability, especially for investors. We like the government’s effort on Ease of Doing Business and cutting off the red tape.”She added that the World Bank Group was determined to conduct a five-year country review in Nigeria to compare how the country and Lagos in particular had fared in the past five years.She added that the bank was ready to leverage the capacity of Lagos to improve the private sector financing model for all its interventions, particularly in areas of infrastructural development, energy, agriculture, tourism and human capital development.Meanwhile, Bjerde is also scheduled to meet with Vice President Kashim Shettima; Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso according to a statement issued by the bank.She will also be joined on the visit by World Bank Vice President for Western and Central Africa, Ousmane Diagana, and Multilateral Investment Guarantee Agency Vice President, Ed Mountfield.It further emerged that International Finance Corporation (IFC)’s investment portfolio currently stood at over $1.2 billion.During the visit, Bjerde will also meet with senior government officials, private sector leaders, and civil society organizations as part of consultations on the World Bank Group’s upcoming Country Partnership Framework (CPF) for Nigeria.The new strategy places jobs, energy access, and private sector-led growth at the center of Nigeria’s development agenda.The consultations will seek feedback on four areas including improving the enabling environment, unleashing human capital, building resilience, and maximizing private capital.The World Bank visit further underscored Nigeria’s central role in advancing global development priorities including flagship initiatives such as Mission 300 – the World Bank Group and African development Bank (AfDB) – led initiative aimed at connecting 300 million Africans to affordable, reliable electricity by 2030, with a strong focus on expanding renewable energy and last mile access.This will be implemented through the Nigeria Distributed Access through Renewable Energy Scaleup (DARES) project – a $750 million World Bank operation designed to expand clean, reliable electricity access to over 17.5 million Nigerians through distributed renewable energy solutions such as Mini grids and solar home systems as well as with household energy access— and AgriConnect to transform smallholder farming into a commercially viable engine for jobs, higher incomes, and global food security.Discussions will further address progress on digital connectivity, power sector reforms, social protection, and human capital outcomes, the statement added.In Nigeria, the World Bank provides large-scale concessional financing for development programmes at both the federal and state levels.The bank also provides support beyond financing through analytics, upstream policy advisory, and institutional strengthening.However, IFC’s strategic objectives in Nigeria are aimed at supporting diversified growth, enhancing inclusion, and promoting sustainability and job creation.The corporation works to boost universal energy access and green energy adoption, fosters increased access to finance for micro, small, and medium-sized enterprises (MSMEs) through financial intermediaries, supports agribusiness and manufacturing to enhance food security, meet domestic needs, and grow exports.