The World Bank Group has approved a new Country Partnership Framework (CPF) for Nigeria covering 2026-2032, alongside a $1.25bn policy financing package aimed at supporting private sector-led growth, job creation and continued economic reforms.

The new strategy follows a series of macroeconomic reforms introduced by President Bola Tinubu's administration, including exchange-rate liberalisation, fuel subsidy removal and fiscal measures that the World Bank says have strengthened growth, increased government revenues, boosted foreign exchange reserves and improved investor confidence.

The CPF focuses on creating more and better jobs by encouraging private investment while complementing public spending. Over the seven-year period, the World Bank aims to help expand electricity access to 32mn Nigerians, provide broadband connectivity to 58mn people, improve health and nutrition services for 40mn people and support 9.5mn farmers through programmes to raise agricultural productivity.

"Our new Country Partnership Framework provides the strategy for how the World Bank Group will support Nigeria over the coming years, with a strong focus on helping to create more and better jobs, particularly by enabling private sector-led growth," World Bank Country Director for Nigeria Mathew Verghis said.

"The recent macroeconomic gains have been critical to help stabilise the economy. Translating improved macroeconomic conditions into better living standards will require addressing the structural constraints to spur private sector investment and job creation."

Alongside the CPF, the World Bank approved the $1.25bn Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing operation, which supports reforms to deepen capital markets, modernise digital economy regulations, accelerate electricity sector reforms, improve agricultural productivity and strengthen domestic revenue mobilisation.

The programme also backs measures to reduce trade barriers in line with Nigeria's commitments under the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA).

"Nigeria's reform progress is creating important opportunities for private investment, but risks remain for investors," said Ed Mountfield, vice president and chief financial officer of the World Bank Group's Multilateral Investment Guarantee Agency (MIGA). "MIGA's role is to help manage these risks—through guarantees and political risk insurance—so that investors can step in with confidence."

The World Bank said the new framework combines policy financing with investment in energy, digital infrastructure, agriculture, private sector development and social protection in an effort to translate recent macroeconomic improvements into stronger employment growth and poverty reduction.

"Nigeria's long-term growth potential will be shaped by the economy's ability to attract investment, raise productivity, and unleash private sector job creation building on the capital of a rapidly growing population," said Dahlia Khalifa, divisional director for Nigeria at the International Finance Corporation (IFC).

"Through this Country Partnership Framework, the World Bank Group will work alongside Nigeria to help unlock private investment, expand access to infrastructure and essential services, and create the enabling conditions for businesses to innovate and compete."

Nigeria has returned to stronger economic growth following sweeping reforms introduced since 2023, including the removal of fuel subsidies and the liberalisation of the foreign exchange market.

The economy expanded by 3.4% in 2024 and growth accelerated further in early 2026, supported by financial services, telecommunications and improved oil production. However, the reforms have also fuelled a sharp depreciation of the naira, which has lost more than two-thirds of its value against the US dollar since exchange controls were relaxed, pushing inflation above 30% at its peak before easing to around 23% in May 2026.

Public debt rose to NGN159.28 trillion ($115.43bn) by the end of 2025, although stronger government revenues and improved foreign exchange reserves have helped stabilise public finances.

The World Bank has repeatedly argued that maintaining macroeconomic reforms while accelerating private investment and expanding targeted social protection will be critical to translating economic stabilisation into broad-based improvements in living standards and job creation.