The World Bank has invited Nigerian companies to compete for a share of its $250 billion global procurement budget, highlighting significant existing engagement. During a procurement seminar in Lagos, World Bank Vice President Gallina Andronova Vincelette announced there are 40,000 active contract opportunities worldwide.
She noted that Nigerian suppliers have already secured over 6,800 contracts worth $2.5 billion in the last five years, primarily in civil works like roads and hospitals. Separately, IFC Director Dahlia Khalifa reaffirmed a long-term commitment to Nigeria, disclosing that the institution mobilized $5 billion for the country last year.
Key Points:
Access to global contracts can drive growth for Nigerian firms in construction, services, and supplies.
Increased foreign contract wins may bolster Nigeriaโs export revenues and strengthen the naira.
Local businesses could face stiffer competition but gain from improved standards and scalability.
This reflects growing international confidence in Nigeriaโs private sector capabilities.
Strategic timing aligns with federal efforts to diversify the economy beyond oil dependence.
Successful participation will depend on Nigerian firmsโ preparedness to meet global procurement standards and scale their operations.
Sources: Vanguard, World Bank