The World Bank has revealed that Nigerian companies are among the biggest beneficiaries of development procurement globally, ranking fifth worldwide in contracts awarded to locally based contractors.
This disclosure was made on Tuesday at the World Bank Group Business Opportunities Seminar held in Lagos.
Speaking at the event, the Vice President, Operations Policy and Country Services of the World Bank, Ms Gallina Vincelette, said Nigerian suppliers had recorded remarkable success over the past five years.
“Over the past five years, Nigerian suppliers have been awarded more than 6,800 World Bank-financed contracts, with a total value of over $2.5bn,” Vincelette said.
She added that more than 60 per cent of the contracts were awarded for city infrastructure projects, including roads, bridges, hospitals and school construction.
“This places Nigeria fifth globally in terms of contracts awarded to locally based suppliers. This is a very big achievement,” she noted, adding that Nigerian companies also have opportunities to compete across Africa.
In his opening remarks, the Minister of Budget and Economic Planning, Atiku Bagudu, attributed Nigeria’s growing access to global procurement opportunities to recent economic reforms and strong support from international partners.
“The last two and a half years have been years of reform, and the World Bank stood by us,” Bagudu said, describing President Bola Tinubu’s economic decisions as bold and necessary to reposition Nigeria.
He urged Nigerian companies to take advantage of the expanding opportunities, stressing that the administration believes in the capacity of local businesses to compete globally.
“Our construction companies, artisans and service providers can scale globally, and this opportunity provided by the World Bank is well appreciated,” he said.
Bagudu also disclosed that the World Bank, IFC and MIGA would soon sign an agreement to support project operations, creating room for private sector-led projects capable of driving economic growth.
Highlighting opportunities beyond Nigeria, Vincelette revealed that the World Bank currently has a $250bn global procurement pipeline, with about 40,000 active procurement opportunities available for companies worldwide.
On job creation, she announced a new requirement mandating a minimum of 30 per cent local labour participation in major civil works contracts.
“This is in line with our jobs agenda. When we invest in countries, we want to make sure they invest in their people and build skills,” she said.
The World Bank’s Director and Chief Procurement Officer, Ms Hiba Tahboub, said recent procurement reforms have shifted contract awards from lowest cost to quality, safety and sustainability.
She explained that from March 2025, weighted criteria were introduced to reward contractors with stronger safety and quality plans.
On energy access, IFC Director for Central Africa and Nigeria, Ms Dahlia Khalifa, said Nigeria plays a key role in the World Bank Group’s Mission 300 initiative, aimed at providing electricity access to 300 million Africans by 2030.
She disclosed that IFC’s portfolio in Nigeria currently stands at about $1.3bn, with an additional $5bn mobilised last year alone, noting that ambitions for Nigeria remain much higher.
Representing Lagos State Governor Babajide Sanwo-Olu, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folasade Ambrose, said Lagos was positioning itself as a hub for World Bank-backed opportunities, especially in infrastructure, energy, healthcare and the digital economy.
She highlighted the state’s support for SMEs and women, noting that 189 out of 253 businesses trained under the Lagos State Export Readiness Programme were women.
During the panel discussion, the Director-General of the Lagos Chamber of Commerce and Industry, Dr Chinyere Almona, identified high financing costs and limited visibility of procurement opportunities as key challenges for SMEs.
She, however, welcomed recent procurement reforms, saying they showed the World Bank’s responsiveness to stakeholder concerns.
Similarly, the Director-General of the Bureau of Public Procurement, Dr Adebowale Adedokun, said public procurement in Nigeria was shifting from a transactional approach to a more strategic and transparent system, supported by technology-driven initiatives.
