Nigerian companies have secured more than $2.5 billion worth of World Bank–financed contracts, placing the country fifth globally among beneficiaries of development procurement awarded to local suppliers. The disclosure was made on Tuesday during the World Bank Group Business Opportunities Seminar held in Lagos, highlighting Nigeria’s growing footprint in international development projects.
According to the World Bank’s Vice President for Operations Policy and Country Services, Ms Gallina Vincelette, Nigerian suppliers have won over 6,800 contracts in the past five years, with more than 60 per cent linked to urban infrastructure projects. These include the construction of roads, bridges, hospitals, and schools. Vincelette described Nigeria’s ranking as a major achievement and noted that Nigerian firms are increasingly competitive not only at home but across Africa.
The Minister of Budget and Economic Planning, Atiku Bagudu, attributed the milestone to recent economic reforms and sustained international support. He said the World Bank’s backing over the last two and a half years has helped expand Nigeria’s access to global procurement opportunities. Bagudu encouraged local construction firms, artisans, and service providers to seize these opportunities, stressing that the government believes Nigerian businesses can compete on a global scale.
Beyond Nigeria, the World Bank revealed a vast global pipeline of opportunities, with $250 billion in approved financing and about 40,000 procurement contracts available worldwide. To boost employment, the Bank has also introduced a mandatory minimum of 30 per cent local labour participation in major civil works contracts. Officials said the policy is designed to ensure that development financing translates into skills development and job creation in host countries.
World Bank officials also highlighted ongoing procurement reforms that now prioritise quality, safety, and sustainability over lowest-cost bidding, while the International Finance Corporation (IFC) reaffirmed its strong financial commitment to Nigeria. With Lagos positioning itself as a hub for World Bank–backed projects and growing support for SMEs and women-led businesses, stakeholders say Nigerian firms are well placed to deepen their participation in global development projects and drive long-term economic growth.
source: punch