Nigerian firms have ranked among the world’s top recipients of World Bank–financed contracts, placing fifth globally in awards to local suppliers, according to data unveiled at a World Bank Group Business Opportunities Seminar held in Lagos.
The World Bank disclosed that Nigerian companies secured more than 6,800 contracts over the past five years, with a combined value exceeding $2.5bn. The bulk of the projects were concentrated in urban infrastructure, including roads, bridges, hospitals and school construction, underscoring the country’s growing footprint in development procurement.
Speaking at the event, the World Bank’s Vice President for Operations Policy and Country Services, Gallina Vincelette, described Nigeria’s performance as a major milestone, noting that locally based firms are increasingly competitive not only at home but across Africa. She added that Nigerian contractors are well positioned to tap into a wider global pipeline of World Bank-funded projects.
The Minister of Budget and Economic Planning, Atiku Bagudu, attributed the strong showing to recent economic reforms and sustained international support. He said policy decisions taken over the past two and a half years had strengthened confidence in Nigeria’s economy and expanded access to global opportunities for local businesses. Bagudu urged Nigerian construction firms, artisans and service providers to leverage the expanding procurement space.
Vincelette also highlighted the scale of upcoming opportunities, revealing that the World Bank currently has approved commitments of about $250bn and roughly 40,000 procurement opportunities available worldwide. She noted that recent reforms include a mandatory requirement that at least 30 per cent of labour costs on civil works contracts be sourced locally, a move expected to boost job creation and skills development.
The World Bank’s Chief Procurement Officer, Hiba Tahboub, said procurement reforms have shifted contract awards away from a lowest-cost focus toward quality, safety and sustainability. She explained that updated frameworks now reward contractors with stronger safety plans and higher technical standards.
On energy access, IFC Director for Central Africa and Nigeria, Dahlia Khalifa, said Nigeria is a key participant in the World Bank Group’s Mission 300 initiative, which aims to connect 300 million Africans to electricity by 2030. She disclosed that IFC’s Nigeria portfolio stands at about $1.3bn, with $5bn mobilised into the country last year alone.
Representing the Lagos State Government, Commissioner for Commerce, Cooperatives, Trade and Investment, Folasade Ambrose, said Lagos is positioning itself as a hub for World Bank-backed investments, particularly in infrastructure, energy and the digital economy, while expanding support for SMEs and women-led businesses.
