FG Seeks World Bank Guarantees for Infrastructure Financing

The Federal Government has sought greater access to World Bank guarantee instruments to attract private investment and finance critical infrastructure projects across Nigeria.

The request was made by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Central Bank of Nigeria Governor Olayemi Cardoso during a meeting with World Bank Group President Ajay Banga in Bangkok, Thailand, on Monday.

The meeting took place on the sidelines of the 2026 International Monetary Fund and World Bank Group Annual Meetings, where Nigeria’s delegation discussed the country’s economic reform programme and strategies for accelerating growth.

According to the Federal Ministry of Finance, the discussions focused on translating improved macroeconomic stability into faster economic growth, increased private investment and stronger domestic revenue mobilisation.

Oyedele highlighted Nigeria’s recent economic progress, including rising growth and an increase in the tax-to-GDP ratio from about seven per cent to 12.5 per cent.

He said the improved revenue position could create greater room for public investment without relying on deficit monetisation.

The meeting also examined how World Bank guarantee instruments could help mobilise private capital for infrastructure development. Such guarantees can reduce risks for lenders and investors, making projects more attractive for financing.

Power infrastructure and human capital development were identified as priorities for continued public investment because of their importance to business competitiveness, productivity and job creation.

The Federal Government also stressed the need to improve the quality of public spending to ensure that government resources deliver measurable economic and social benefits.

Banga commended Nigeria’s reform efforts, with discussions highlighting an increase in private capital inflows from approximately $300 million in 2023 to nearly $6 billion in 2026.

The government said its engagement with the World Bank forms part of a broader effort to consolidate economic reforms and attract additional investment into productive sectors.

While the request seeks to expand access to financing, the meeting did not announce a specific new guarantee package or confirm the approval of additional funds.

The proposed approach is intended to help bridge infrastructure financing gaps by using risk-sharing instruments to encourage private investors to participate in projects that support economic growth and employment.