World Bank Opens $250bn Global Procurement Window to Nigerian Firms

ByMoses Alamu2 days Ago1 Mins read69

World Bank on glass building. Mirrored sky and city modern facade. Global capital, business, finance, economy, banking and money concept 3D rendering illustration.

The World Bank has unveiled a $250 billion global procurement window for Nigerian firms, urging local companies to seize thousands of business opportunities linked to World Bank–financed projects across the world.

The Vice President, Operations Policy and Country Services (OPCS), Ms. Gallina Andronova Vincelette, disclosed this at a World Bank procurement seminar held in Lagos, describing the scale of opportunities available to Nigerian businesses as “significant and growing.”

Vincelette explained that the $250 billion represents projects and financing approved by the World Bank Board for governments globally. She added that over 40,000 procurement opportunities are currently available for companies to execute projects under World Bank financing.

Placing the figures in context, she revealed that Nigerian firms have already benefited substantially from World Bank–funded contracts. Over the past five years, Nigeria-based suppliers have won more than 6,800 contracts valued at $2.5 billion. According to her, more than 60 per cent of these contracts were for civil works, including roads, bridges, hospitals and school construction.

Naira Strengthens Against Dollar, Maintains Positive Momentum in Official Market

She noted that opportunities for Nigerian firms extend beyond the local market, stressing that companies can also bid for projects across Africa. Over the same five-year period, World Bank–financed projects across the continent awarded more than 9,000 contracts valued at nearly $45 billion.

Also speaking, the IFC Director for Central Africa and Nigeria, Ms. Dahlia Khalifa, reaffirmed the International Finance Corporation’s long-term commitment to Nigeria, with job creation as a key priority. She disclosed that IFC’s direct investment exposure in Nigeria stands at $1.3 billion, while mobilisation efforts attracted about $5 billion to the country last year alone.

Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, said the Federal Government was eager to deepen engagement with the World Bank’s procurement framework. He encouraged Nigerian firms to view World Bank projects worldwide as a gateway to global procurement opportunities, expressing confidence in the ability of local businesses to compete internationally.