Recent reforms in foreign-exchange management, public finances, and fuel subsidies since mid-2023 are noted as contributing to a more predictable investment environment. Future efforts will concentrate on developing domestic capital markets, expanding digital trade, promoting private investment in the electricity sector, and enhancing Nigeria's overall competitiveness.
A significant component is the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) program, designed to mobilize $1.89 billion for over 250,000 micro, small, and medium-sized enterprises. This program, supported by $500 million from the IBRD and IDA, aims to direct 30 percent of financing to women-owned businesses and is projected to create 850,000 jobs.
The World Bank is also supporting digital connectivity through the Building Resilient Digital Infrastructure for Growth (BRIDGE) project, which could attract $1.1 billion in private investment by 2030. This project seeks to establish a nationwide fiber-optic network, extending broadband access to an additional 58 million Nigerians and connecting numerous public institutions.
In manufacturing, the International Finance Corporation (IFC) has facilitated substantial financing, including $1.02 billion for Dangote Industries Limited and $282.5 million for Indorama Fertiliser. These projects have a combined annual production capacity of 6.8 million metric tonnes and are expected to improve fertilizer access for millions of smallholder farmers.
Additionally, the World Bank's Agricultural Value Chains for Growth (AGROW) project targets one million smallholder farmers, aiming to attract approximately $220 million from agribusiness companies and $22 million from seed producers. The IFC also acted as an anchor investor in a $1.2 billion bond issuance by IHS Towers, mobilizing over $1.1 billion from private investors.