Nigeria Launches $500m World Bank-Backed Power and Irrigation Initiative

Nigeria has launched a $500 million Sustainable Power and Irrigation (SPIN) project as part of efforts to stabilise the economy and position the country for a new growth trajectory capable of creating jobs and boosting prosperity. The project, launched in the nation’s capital, Abuja, is supported by the World Bank.

During the launch, Nigeria’s Minister of Water Resources and Sanitation, Joseph Terlumun Utsev, commended the initiative, stating that it aligns with the nation’s development agenda. He added that the project is expected to modernise irrigation infrastructure, expand year-round farming, and strengthen Nigeria’s resilience to food security and climate challenges.

In his remarks, the Country Director of the World Bank Group for Nigeria, Matthew Verghis, commended Nigeria’s recent economic reforms, which have propelled the nation toward viable economic growth and opened job opportunities for its growing youth population.

Verghis disclosed that the development institution is finalising a new Country Partnership Framework that will guide its engagement with Nigeria between 2026 and 2032, with a strong focus on job creation and expanding economic opportunities.

He explained that water security, food security, and energy security will remain critical pillars for sustainable economic development under the proposed strategy.

According to him, the new framework also reflects a shift in the institution’s approach, with deeper engagement with state governments where projects are implemented and development impacts are most directly felt.

Verghis further emphasised the need to mobilise private sector investment, noting that public resources alone cannot meet Nigeria’s vast development needs.

Also speaking at the event, the Global Director for Water at the World Bank Group, Saroj Kumar Jha, noted that the SPIN project draws lessons from irrigation initiatives implemented in countries such as India, Indonesia, and Vietnam.

The initiative is expected to benefit more than 1.7 million people and bring about 14,000 hectares of land under irrigation.