World Bank targets 32 million Nigerians with electricity by 2032 under new framework

The framework also seeks to benefit 9.5 million farmers through improved agricultural production, value addition, and market linkages. The World Bank Group plans to mobilize $4.1 billion in private capital for infrastructure and agribusiness. Taimur Samad, Acting Country Director for the World Bank, presented the CPF in Lagos, highlighting its focus on creating more private-sector jobs by enhancing competitiveness and growth, fostering a more productive population, building resilience, and maximizing private capital.

Key areas of focus include distributed renewable energy, broadband infrastructure, access to finance for micro, small, and medium enterprises, and agribusiness. The framework also targets a 30 percent increase in the non-oil revenue-to-GDP ratio, $6 billion in private capital enabled, and an additional 250,000 SMEs utilizing financial services. For human capital, it aims for 40 million beneficiaries of quality health, nutrition, and population services, 19.4 million students supported with better education, and an eight-percentage-point reduction in childhood stunting.

Additionally, 41 million people are targeted for social safety-net programs and 11.7 million for enhanced climate resilience. The World Bank will concentrate support on fewer areas to a