The World Bank has approved a fresh $1.25 billion loan for Nigeria under its Nigeria Actions for Investment and Jobs Acceleration (NAIJA) programme.

The approval was announced this week as the World Bank unveiled a new Country Partnership Framework (CPF) for Nigeria covering the 2026–2032 period.

According to the bank, the six-year framework is designed to support Nigeria’s development priorities by promoting private sector-led growth and creating more employment opportunities across the country.

“The World Bank Group has endorsed a new Country Partnership Framework for Nigeria spanning 2026–2032, setting out a strategy to create more and better jobs at scale by unlocking private sector-led growth,” the statement read.

It added that the bank had “also approved the Nigeria Actions for Investment and Jobs Acceleration Development Policy Financing operation, which supports Nigeria’s transition toward a more inclusive growth model that spurs growth and creates jobs.”

The latest approval follows recent criticism after reports emerged that the Federal Government was seeking another $1.25 billion facility from the World Bank to finance economic reforms, improve competitiveness and stimulate job creation.

The move drew concerns from many Nigerians, who argued that increasing foreign loans had not translated into better living conditions.

The World Bank said its new partnership framework builds on the country’s recent macroeconomic reforms, which it believes have strengthened economic growth, improved government revenue, increased external reserves and boosted investor confidence.

As part of the programme, the bank plans to help expand electricity access to 32 million Nigerians, provide broadband connectivity to 58 million people, improve health and nutrition services for 40 million citizens and support about 9.5 million farmers.

The framework also targets improvements in human capital development, agricultural productivity, energy supply and digital infrastructure.

Mathew Verghis, country director for Nigeria,  World Bank, said the institution’s support would focus on ensuring that recent economic reforms deliver tangible benefits for Nigerians.

“Our new Country Partnership Framework provides the strategy for how the World Bank Group will support Nigeria over the coming years, with a strong focus on helping to create more and better jobs, particularly by enabling private sector-led growth.

“The recent macroeconomic gains have been critical to help stabilise the economy. Translating improved macroeconomic conditions into better living standards will require addressing the structural constraints to spur private sector investment and job creation,” he said.

The bank said the $1.25 billion Development Policy Financing operation is expected to back reforms aimed at improving Nigeria’s business environment and strengthening long-term economic growth.

According to the statement, the planned reforms include expanding capital markets, updating regulations for the digital economy and e-governance, accelerating electricity sector reforms, reducing trade barriers in line with Nigeria’s commitments under the Economic Community of West African States and the African Continental Free Trade Area, improving access to quality agricultural seeds and increasing domestic revenue generation.

“The NAIJA DPF operation, which amounts to $1.25bn, supports a set of Government reforms to strengthen the foundations for growth and competitiveness.

“These include deepening capital markets, modernising the regulatory framework for the digital economy and e-governance, advancing power sector reforms to accelerate electrification, lowering trade barriers in line with Nigeria’s ECOWAS and AfCFTA commitments to help ease price pressures, improving access to quality agricultural seeds, and strengthening domestic revenue mobilisation.”

Dahlia Khalifa,divisional director for Nigeria, International Finance Corporation, said ongoing reforms had positioned the country to attract more private sector investment.

“Nigeria’s long-term growth potential will be shaped by the economy’s ability to attract investment, raise productivity, and unleash private sector job creation, building on the capital of a rapidly growing population,” she said.

Also speaking, Ed Mountfield, vice-president and chief financial officer, Multilateral Investment Guarantee Agency,  said although Nigeria’s reforms had created opportunities for investors, risks remained.

“Nigeria’s reform progress is creating important opportunities for private investment, but risks remain for investors. MIGA’s role is to help manage these risks—through guarantees and political risk insurance—so that investors can step in with confidence,” he said.

The newly approved facility is the second-largest single World Bank loan secured by Nigeria since President Bola Ahmed Tinubu assumed office, behind the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.

Karl Toriola, chief executive officer, MTN Nigeria, has stated that the telecom company is “a Nigerian company through and through,” emphasising that it belongs as much to Nigerians as to its global investors, with over 11 million Nigerians holding indirect stakes through pension funds.

Toriola also defended the federal government’s approval of telecom tariff adjustments, noting that the move helped prevent a financial crisis in the sector and enabled the company to ramp up capital expenditure to about N1 trillion in 2025 to improve network quality.

Speaking during an interview on Arise News, the MTN boss dismissed claims that the company is solely South African, despite its origins.

According to him, MTN Nigeria is incorporated locally, listed on the Nigerian Exchange, pays taxes in Nigeria, and is largely managed by Nigerians.

“We are labelled as a South African company because MTN Group was founded in South Africa. But the reality is that MTN Group has a very diverse global shareholding. Only about 50 percent of the shareholding is African, while the rest is held by investors from North America, Europe, the United Kingdom, the Middle East and Asia-Pacific,” he said.

Speaking further on MTN Nigeria’s identity, Toriola stressed the company’s deep roots in the Nigerian economy.

“MTN Nigeria is a Nigerian company through and through. We are domiciled in Nigeria. We are listed on the Nigerian Exchange. We pay all the taxes, duties and levies expected of us, and we are run by Nigerians.

“I am Nigerian. Apart from one executive, every member of our executive committee is Nigerian, while our entire expatriate workforce in Nigeria is just four people.

“We have over 201,000 retail investors, while about 11 million Nigerians own MTN shares indirectly through pension funds. We are very proud of our Nigerian identity,” he stated.

On the recent telecom tariff adjustment, Toriola said the increase was driven by necessity rather than profit motives, noting that operators were struggling to meet basic financial obligations before the review.

“People perceived the tariff increase as an aspiration for profitability, but the reality was that we were on our knees financially. We couldn’t even pay our month-to-month bills with the revenues we were generating. The tariff adjustment was an absolute necessity. It enabled us to stay alive,” he said.

He added that the improved revenue base has enabled MTN to scale up infrastructure investments to enhance service delivery.

“In the first quarter of this year alone, we spent N390 billion on capital expenditure, compared with a profit after tax of N359 billion. That shows our commitment to improving quality of service,” he said.

Addressing concerns over poor network quality, Toriola attributed the challenges to increasing demand, infrastructure gaps, vandalism, insecurity, and unreliable power supply.

“There are people who deliberately pour petrol into our manholes and set them on fire. A single incident can knock out services for millions of subscribers. We also face security challenges that prevent our engineers from quickly accessing some sites.

“In addition, we operate about 18,000 sites nationwide, each requiring generators, batteries, rectifiers and constant fuelling because of inadequate public electricity supply. All these affect quality of service,” he explained.

While acknowledging that service quality still needs improvement, he assured customers of continued investment.

“We are not perfect, but we are investing aggressively and continuously striving to do better,” he added.

On allegations that telecom operators deliberately deplete customers’ data, Toriola said findings often point to background data usage by smartphone applications.

“There is a perception that MTN goes and takes customers’ data, but our studies have shown repeatedly that background applications are consuming much of that data.

“I encourage customers to check their device settings. Daily automatic backups are unnecessary for many users. If possible, carry out backups over Wi-Fi instead of mobile data,” he advised.

The Securities and Exchange Commission (SEC) has admitted seven new companies into its Accelerated Regulatory Incubation Programme (ARIP), expanding the number of digital asset firms operating under its regulatory sandbox as Nigeria continues efforts to formalise oversight of the sector.

The Commission disclosed this in a statement issued on Friday, noting that the newly admitted firms would receive Approval-in-Principle (AIP), allowing them to operate within the defined scope of the programme, subject to regulatory and supervisory conditions.

The seven companies are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd.

The latest approval follows the SEC’s admission of Quidax and Busha into its regulatory framework in August 2024, as the Commission continues efforts to formalise oversight of Nigeria’s digital asset industry.

According to the SEC, the Approval-in-Principle confirms that each company has satisfied the admission requirements for participation in the programme.

However, the regulator stressed that the approval does not amount to a final operating licence.

“An Approval-in-Principle confirms that an entity has satisfied the Commission’s admission requirements for the Programme. Please note that it is not a final licence and remains conditional on the entity’s continued compliance with all applicable regulatory, operational, and supervisory obligations,” the Commission said.

The SEC added that the latest admissions reflect its commitment to promoting responsible innovation while protecting investors and preserving market integrity.

Announcing the development in a separate statement, one of the approved companies, Luno, said the approval comes after an extensive engagement process with the SEC and marks another step in its regulatory journey in Nigeria.

The company, which began operations in Nigeria in 2015, said the approval provides a clearer regulatory pathway as it expands its operations in the country.

Luno Nigeria Chief Executive Officer, Ayotunde Alabi, described the approval as an important milestone for the business.

“This is an important milestone for Luno Nigeria and a strong validation of our commitment to building responsibly in one of Africa’s most important cryptocurrency markets,” Alabi said.

He added that the approval would strengthen the company’s engagement with customers and institutional partners while supporting its expansion into business-to-business (B2B) services.

Luno said regulatory clarity has become increasingly important as more financial institutions, fintechs, payment providers, asset managers, and corporate organisations explore digital asset services.

According to the company, it intends to expand offerings for institutional clients, including digital asset infrastructure, stablecoin applications, treasury solutions, and crypto-as-a-service products.

The Accelerated Regulatory Incubation Programme is the SEC’s regulatory sandbox designed to fast-track the onboarding of digital asset service providers and other investment service providers while allowing the Commission to supervise their operations under controlled conditions.

The framework enables the regulator to assess emerging technologies and business models while ensuring investor protection and market integrity before granting full operational licences.

The initiative forms part of the SEC’s broader efforts to establish a structured regulatory framework for virtual asset service providers in Nigeria following years of uncertainty surrounding the sector.

Nigeria remains one of Africa’s largest cryptocurrency markets, with growing adoption by retail users despite periods of regulatory uncertainty.