Putting jobs at the heart of Nigeria’s next growth chapter

The World Bank Group is updating its engagement with Africa’s largest economy, placing job creation at the core of its new five-year Country Partnership Framework (CPF) for Nigeria. The update comes as the country pursues economic reforms – from exchange-rate unification to fiscal consolidation and efforts to address long-standing distortions in the energy sector – and grapples with the need to expand opportunities for its 220 million citizens, more than 60% of whom are under 30.

During recent consultations in Lagos and Abuja, we underscored a straightforward benchmark for future investments: do they create more and better jobs for Nigerians? The jobs-centric approach moves employment to the centre of project design and evaluation, influencing how billions of dollars in financing, advisory services, and risk-sharing instruments are deployed.

At the heart of the new strategy will be a clear focus on jobs. Nigerians want real opportunities, growing businesses, and an economy that works for young people and women. Investing in jobs creates hope and opportunity while strengthening economic stability. Investing in infrastructure (both physical and human), enabling a business-friendly environment, and mobilising private capital are central to delivering results, but we know public resources alone cannot meet these needs.

This is why recent examples like the $500 million Fostering Inclusive Finance for MSMEs (FINCLUDE) programme are so important. This investment will expand financing to 250,000 MSMEs, including 150,000 women-led firms and 100,000 agribusinesses, while mobilising an estimated $1.89 billion in private capital and up to $800 million in guarantees. In parallel, we are deepening local currency lending, supporting financial institutions to scale SME finance, and building a pipeline of bankable infrastructure projects.

None of this will be possible without reliable electricity – the backbone of job creation. Through projects such as the Nigeria Electrification Project, the Distributed Access through Renewable Energy Scale-up (DARES) programme (connecting 7.5 million people and an additional 17.5 million, respectively) and the revolving financing to mini-grid developers such as Husk Power Systems (with an expected 115,000 new customer connections), households and firms can depend on reliable electricity, thrive and grow.

Agriculture, Nigeria’s largest employer, remains a strategic focus. Through initiatives such as Agri Connect, the World Bank Group is supporting productivity improvements, stronger links between smallholders and off-takers, and regulatory reforms that attract private investment and expand value addition along the supply chain.

The CPF elevates investments in human capital, particularly early childhood development, as Nigeria’s long‑term transformation will depend on investments made today in the earliest years of life. The same logic applies to healthcare, where the private sector already delivers forty per cent or more of services across developing countries, and every job generates an estimated 3.4 additional positions in logistics, technology, and pharmaceuticals. To this end, we have partnered with the Nigeria Sovereign Investment Authority (NSIA) and MedServ, committing the naira equivalent of $24 million to expand oncology and diagnostic services. This is going to create more than 1,700 jobs and train 500 specialised medical professionals by mid-2026.

Macroeconomic stability is essential, but stability must be felt in people’s daily lives. Lower costs for businesses, reliable power, better schools and clinics, and real opportunities for youth and women entrepreneurs are what ultimately matter.

Nigeria has the talent, scale, and entrepreneurial spirit to drive Africa’s next growth curve. The new CPF sets out how we will partner over the next five years: putting jobs first, mobilising private investment, investing in Nigeria’s people, building resilience, and closing infrastructure gaps, especially in energy. From Mission 300 to SME finance to women’s economic empowerment, our shared goal is clear: millions of better jobs and a more prosperous future for every Nigerian.

Ousmane Diagana is the World Bank Vice President for West and Central Africa and Ethiopis Tafara is IFC Vice President for Africa.