The World Bank and the Bank of Industry (BoI) have announced a new framework for development finance aimed at accelerating Nigeria’s economic growth.
The plan focuses on creating jobs, attracting private investment, and increasing financial inclusion across the country.
The announcement was made at a development lecture in Abuja, where World Bank Country Director, Dr. Matthew Verghis, pointed to Nigeria’s improving economic stability.
He cited easing inflation and growing foreign reserves as signs that recent government reforms are working.
Support for Small Businesses
A key part of the new framework is a $500 million initiative called the Fostering Inclusive Finance for MSMEs (FIRM) Project.
This project is designed to address the large funding gap faced by small and medium-sized businesses (MSMEs) in Nigeria. It aims to attract billions in additional private investment.
Dr. Mansur Muhtar, Chairman of the BoI, emphasized the need for collaboration between public institutions and private investors to achieve sustainable growth.
He stated that development finance must evolve beyond simple loans to become a true catalyst for industrial transformation and competitiveness.
