Smallholder farmers are set to benefit from a $500 million World Bank-funded AGROW programme aimed at boosting productivity, strengthening value chains, and improving food security in Nigeria.
The World Bank Group plans to mobilise up to $5.79 billion in private financing for Nigeria in the 2026 fiscal year, targeting broadband expansion, agricultural productivity and access to credit for small businesses.
The initiative is expected to attract private capital into critical sectors, with projects targeting improved connectivity for 58 million additional Nigerians by 2030, financing for one million smallholder farmers and support for more than 250,000 micro, small and medium-sized enterprises.
The bank disclosed the plan in a report published on its website, titled Unlocking $5.79bn in Private Financing: The World Bank Group Is Leading the Charge for Private Capital Mobilisation in Nigeria.
It said the financing strategy would combine policy reforms, commercial investments and risk-sharing arrangements involving the World Bank, the International Finance Corporation and the Multilateral Investment Guarantee Agency.
The institution linked the initiative to economic reforms introduced in Nigeria since mid-2023, including changes to foreign exchange management, fuel subsidies and public finances, which it said were helping to improve conditions for private investment.
Under the Building Resilient Digital Infrastructure for Growth project, the bank expects to attract at least $156 million in private equity during the first round of investor selection. Further financing rounds could unlock up to $1.1 billion by 2030 to develop a nationwide fibre-optic network.
The project aims to increase the number of Nigerians with broadband access from 92 million in 2025 to 150 million by 2030. It also targets connectivity for 38,800 public schools, 16,900 health facilities and 3,400 local government offices.
In agriculture, the bank plans to mobilise $242 million through the Agricultural Value Chains for Growth project, comprising $220 million expected from agribusiness firms and $22 million from certified seed producers. The initiative targets one million smallholder farmers.
The Fostering Inclusive Finance for MSMEs in Nigeria programme is expected to attract nearly $1.89 billion in private financing and support more than 250,000 businesses. Backed by a $500 million financing package from the World Bank’s lending institutions, the programme could generate about 850,000 direct and indirect jobs, with 30 per cent of financing earmarked for women-led businesses.
The report also highlighted private investments in domestic fertiliser production and telecommunications infrastructure. The International Finance Corporation helped mobilise $1.02 billion for Dangote Industries Limited and $282.5 million for Indorama Fertiliser, whose combined annual production capacity stands at 6.8 million metric tonnes.
The two fertiliser projects are expected to improve access to agricultural inputs for more than 10 million farmers. The IFC also supported a $1.2 billion bond issuance by IHS Towers, helping attract more than $1.1 billion from private investors for telecommunications infrastructure.
The World Bank Group said the initiative was designed to expand private sector participation in Nigeria’s development, although its impact would depend on improvements in infrastructure, business financing, agricultural productivity and employment opportunities.
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