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W’Bank To Support ICRC’s Disclosure Projects
The World Bank says it will provide the required technical support to ensure the implementation of the Infrastructure Concession Regulatory Commission’s (ICRC) disclosure projects. The bank Senior Public Private Partnership (PPP) Specialist, Ms Shynama Shukla, disclosed this during ICRC Contract Disclosure Forum in Abuja, Friday.
Shukla said that the bank was already providing technical assistance to strengthen PPP projects in Nigeria through some other projects and would continue to do so.
“The ICRC feels that there is the need for the disclosure framework given that Nigeria has been doing a lot of PPPs.
“There are a lot of stakeholders on the PPP projects and unless more information goes out into the public domain, stakeholders, especially investors may not have the level of comfort required.
“Because if you want to invest in a particular project, you will want a level of comfort that all the procedures have been followed and all the activities have been done by the MDAs as well as ICRC.
“You will also want to ensure that the investment is transparent and conducive.
“And because of that ICRC feels that there should be disclosure framework and they approached us because we work a lot in those areas with different countries.
Earlier, the Director-General, ICRC, Mr Aminu Diko, said that the disclosure was important to ensure transparency and accountability in the way public sector services were provided in the country.
Diko, represented by the Executive Director Support Service, ICRC, Mr Chidi Izuwah, said the ICRC as an institution of government had the obligation to support the anti-corruption fight of the present administration.
He said that the commission would ensure this through making public some salient information on PPP contracts executed by MDAs on behalf of the Federal Government.
He said that the World Bank had created a draft framework for disclosure in PPP, which suggested a systematic structure for disclosing information proactively at PPP transactions.
Diko said that the commission in collaboration with the World Bank would develop a guideline for disclosure of PPP post on contract information being used to populate about 51 PPP contracts in ICRC’s database.
He said that it was essential for Nigeria to meet international best practice by customising the existing PPP post-contract disclosure framework to capture the pre-contract disclosure components.
According to him, this will ensure that the life cycle of a project from development phase to implementation is disclosed to the public.
He urged the public to study the disclosed PPP contracts information vis-a-vis the implementation of the different projects and revert to the commission where necessary for improved monitoring and compliance.
Diko said that the commission was working at ensuring that it did everything within its power to ensure that government’s efforts toward bridging the infrastructure gap in the economy were achieved.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.