The World Bank Group has disclosed that it committed more than $2.5 billion to Nigerian suppliers over the past five years, supporting projects across infrastructure, healthcare, and education. During the same period, its private sector arm, the International Finance Corporation (IFC), mobilised $5 billion in private capital into Nigeria last year alone, aimed at supporting businesses and driving job creation.
Speaking at a seminar on procurement and investment opportunities under World Bank Group–financed projects, the Vice President for Operations Policy and Country Services at the World Bank, Gallina Andronova Vincelette, said Nigerian companies have been major beneficiaries of the Bank’s procurement activities.
According to Vincelette, over 60 per cent of the contracts awarded were for civil works, including the construction of roads, bridges, hospitals, and schools. She noted that Nigerian-based suppliers have received more than 6,800 World Bank–financed contracts over the last five years, representing a significant share of the Bank’s procurement spending in sub-Saharan Africa.
Vincelette also highlighted opportunities beyond Nigeria, encouraging local companies to explore projects across the continent. She revealed that within the same five-year period, World Bank–financed projects across Africa awarded more than 9,000 contracts valued at nearly $45 billion.
Commenting on the World Bank Group’s engagement, Director for Central Africa and Nigeria at the IFC, Dahlia Khalifa, reaffirmed the institution’s long-term commitment to Nigeria, with job creation remaining a core focus.
“IFC is very committed to Nigeria. We’ve been here for decades and we hope to be here for decades further,” Khalifa said. She disclosed that IFC’s current portfolio in Nigeria stands at $1.3 billion from its own balance sheet, which has been leveraged to attract significantly larger volumes of private capital into the country.
Stakeholders say the scale of World Bank and IFC-backed investments underscores Nigeria’s continued importance as a destination for development finance and private sector-led growth in Africa.
