World Bank Reports Nigeria’s Growth in Private Sector Investments for 2023

The World Bank reported that Nigeria secured 133 private sector investment commitments in three projects during 2023. This information came from the World Bank’s Private Participation in Infrastructure (PPI) 2023 annual report.

In 2023, Sub-Saharan Africa saw investments in 66 projects worth a total of $3.5 billion. This amount was 24% lower than the previous year and 46% below the five-year average. South Africa led the region, accounting for 30% of the total investment, followed by Senegal and Tanzania. The energy sector received the most investments, followed by the Information Communication Technology (ICT) sector.

Within the Africa Western and Central region, investment commitments totaled $1.2 billion across 21 projects. Senegal had the highest level of investment in this region, with $316 million committed to five projects, mostly in the energy sector. Other countries reporting investment commitments included Guinea, Cape Verde, Ghana, Nigeria, Côte d’Ivoire, Cameroon, Chad, Guinea-Bissau, Benin, Gabon, and Sierra Leone.

Source: Vanguard