...Urges Local Companies to Tap Global Contracts
The World Bank has unveiled a $250 billion procurement window available to Nigerian firms, urging local companies to seize thousands of contract opportunities across World Bank–financed projects worldwide.
At a procurement seminar in Lagos, Vice President of Operations Policy and Country Services (OPCS), Ms. Gallina Andronova Vincelette, highlighted the expanding scale of procurement possibilities for Nigerian businesses, stressing that the opportunities are “significant and growing.”
Explaining the global reach of the initiative, Vincelette said the World Bank Board has approved $250 billion for delivery through projects and financing to governments globally. She added that more than 40,000 procurement opportunities are currently available for companies seeking to deliver on World Bank–supported projects.
“Nigeria-based suppliers have already benefited substantially from World Bank–financed contracts,” she said, revealing that over the past five years, Nigerian firms have won more than 6,800 World Bank–financed contracts valued at $2.5 billion.
“More than 60 per cent of these awards have gone to civil works, including roads, bridges, hospitals and school construction,” Vincelette added.
She further noted that Nigerian companies can explore opportunities beyond the local market, particularly across Africa. “Across Africa, World Bank–financed projects have awarded over 9,000 contracts totaling close to $45 billion over the same five-year period,” she said.
IFC Signals Strong Commitment to Nigeria, Eyes Bigger Private Investment
The International Finance Corporation (IFC) also reaffirmed its long-term commitment to Nigeria, focusing on job creation as its core objective. IFC Director for Central Africa and Nigeria, Ms. Dahlia Khalifa, said the institution has been operating in Nigeria for decades and intends to remain for many more.
“Being helpful and supportive to Nigeria’s development is critical, and our North Star is jobs,” she said, emphasising the pivotal role of the private sector in driving sustainable growth.
Khalifa revealed that IFC’s direct investment exposure in Nigeria stands at $1.3 billion, while its mobilisation efforts have attracted significantly larger funding volumes. “Last year alone, we brought about $5 billion to Nigeria,” she said, adding that this trend has continued over the past three to four years.
“But that’s not enough. Our ambition is much higher,” she said, stressing the goal to mobilise as much private capital as possible to support business growth and job creation.
FG Seeks Expanded Access for Nigerian Firms
In his remarks, Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, said Nigeria is prepared to deepen its engagement with the World Bank’s procurement framework to help local firms gain global traction.
Bagudu said the World Bank portfolio in Nigeria currently exceeds $17 billion, and the government believes it can expand even further.
“This procurement engagement is a strategic opportunity for Nigerian businesses,” he said, urging local companies to use World Bank procurement as an entry point into global markets.
He expressed confidence in the ability of Nigerian firms to compete internationally, describing local entrepreneurs and service providers as globally celebrated and ready to leverage the opportunities presented by the World Bank.
“This is a well-appreciated opportunity, and we believe Nigerian firms are ready to seize it,” Bagudu concluded.