•Says 6,800 Nigerian suppliers received $2.5 billion in contracts over a five-year period.
•IFC makes a $5 billion investment
•FG will increase its involvement in World Bank procurement—Bagudu
Written by Babajide Komolafe
Nigerian businesses are encouraged to take advantage of thousands of possibilities across World Bank-financed projects worldwide by the World Bank’s $250 billion global procurement window.
Speaking at a World Bank procurement conference in Lagos, Ms. Gallina Andronova Vincelette, Vice President, Operations Policy and Country Services (OPCS), stated that Nigerian companies had access to “significant and growing” prospects.
“I will concentrate on the public sector to comprehend the scope of procurement,” Vincelette stated.
There are a few numbers on this slide. $250 billion is one. This is what our Board has approved, and it can be provided to governments worldwide in the form of projects and funding.
Another figure that we observe is 40,000. This is the quantity of procurement chances that businesses can take advantage of to fulfill projects that our Board has approved and benefit the nations in where we operate.
Vincelette revealed that Nigerian businesses had already reaped significant benefits from contracts supported by the World Bank.
“Over 6,800 World Bank-financed contracts totaling $2.5 billion have been awarded to Nigerian suppliers over the last five years,” she stated.
“The delivery of civil works, including roads, bridges, hospitals, and school construction, has received more than 60% of these awards.”
Opportunities for Nigerian businesses extend beyond the home market, she emphasized.
“Nigerian companies can participate in opportunities not only in Nigeria but throughout Africa,” she stated.
“Looking more broadly across Africa, World Bank-financed projects have awarded more than 9,000 contracts with a total value of close to $45 billion over the same five-year period, underscoring the scale and depth of opportunities across the region.”
IFC spends $5 billion
Speaking as well, Ms. Dahlia Khalifa, IFC Director for Central Africa and Nigeria, reiterated the International Finance Corporation’s long-term dedication to Nigeria, emphasizing the development of jobs as its primary goal.
IFC has a strong commitment to Nigeria. We’ve been here for many years, and we intend to stay for many more,” Khalifa stated.
“It is crucial to be as helpful and supportive to Nigeria’s development, accomplish its goals, and keep an eye on that North Star, which is jobs.”
She emphasized how important the private sector is to attaining sustainable growth.
“Of course, the private sector is essential to fully embrace and comprehend that, so what we do right now is crucial,” she stated.
IFC’s direct investment exposure in Nigeria, according to Khalifa, is $1.3 billion, but its mobilization activities have generated much higher sums.
“We have funded a $1.3 billion portfolio in Nigeria from our own balance sheet,” she stated.
“How much we crowded in in terms of mobilization using multiples of this isn’t fully discussed.”
“We brought about $5 billion to Nigeria last year alone, and that is the case we have been seeing for the past three or four years,” she said. However, that is insufficient. Our goals are even more ambitious.
“Our goal is to mobilize as much private capital to Nigeria as possible to help you grow your businesses and help create as many jobs as possible,” she continued.
FG demands more chances
Nigeria is prepared to expand its involvement with the World Bank’s procurement framework and use it to position Nigerian companies internationally, according to Minister of Budget and Economic Planning Abubakar Atiku Bagudu’s remarks at the conference.
“The Country Director spoke about a portfolio of over $17 billion just last week at the National Economic Council, which is chaired by the Vice President,” Bagudu stated.
“Even though we think we can do more, we appreciate the size of this portfolio.”
According to him, the procurement involvement presents Nigerian companies with a strategic opportunity.
“Very importantly for Nigeria, this is to encourage Nigerian businesses, entrepreneurs, and service providers to look at World Bank proposals worldwide as an entry point into procurement worldwide,” he stated.
Bagudu voiced faith in Nigerian companies’ ability to compete globally.
He declared, “Our President believes in our capacity, and our entrepreneurs are celebrated everywhere.”
“We think our building firms, craftspeople, and service providers can compete on a worldwide scale.
“We think Nigerian businesses are prepared to take advantage of this Bank-provided opportunity, which is highly appreciated.”
