The World Bank Group said it mobilised a record 112 billion dollars in private capital in fiscal year (FY) 2026, more than tripling the 35 billion dollars recorded in FY22.

Combined with the Group’s own financing, the mobilisation brought total financing and mobilisation in developing economies to well above 200 billion dollars during the fiscal year.

The bank announced this in a statement issued on Thursday in Abuja.

According to the statement, the bank mobilised more private capital in fiscal year 2026 than in any year in its history.

It said that the bank issued a record volume of guarantees, delivering on a goal shareholders and clients have pressed for years.

“This has put more private capital to work alongside its own financing and expertise in developing economies,” the statement said.

It said Private capital mobilisation to lower-middle-income countries rose from 14 billion dollars in FY22 to 37 billion dollars in FY26, while upper-middle-income countries increased from 12 billion dollars to 50 billion dollars.

The statement said that in low-income countries, private capital mobilisation remained at about three billion dollars.

“Mobilisation across Africa increased from approximately nine billion dollars to 22 billion dollars, representing an increase of nearly 150 per cent,” it said.

It attributed the increase to reforms introduced over three years to make the World Bank’s operations faster and simpler, and strengthen collaboration between its public and private sector arms.

“We brought the Group together in each country, with a single point of contact across our public and private sector work, and began developing integrated strategies for each country based on its needs and development priorities.

“The Private Sector Investment Lab complemented that effort, helping to identify the practical barriers holding back investment in developing economies and developed a work plan to address them.

“The group has pursued that agenda across the institution: improving the business and regulatory environment, expanding guarantees and local-currency financing, and addressing foreign-exchange challenges.

“It is also increasing equity tools, and advancing new ways for institutional investors to participate at scale,” it said.

The statement said that the World Bank Group issued no fewer than 25 billion dollars in guarantees during FY26, exceeding its annual target of 20 billion dollars by 2030, four years ahead of schedule.

It said the growth was led by the bank’s Guarantee Platform, established in 2024 to provide clients and investors with simpler access to guarantee products across the institution.

The statement said job creation remained a central priority for the bank, with 1.2 billion young people expected to reach working age in developing economies over the next 10 to 15 years.

It said only about 420 million jobs were projected to be created during the period, while the private sector currently provided nine out of every 10 jobs in developing economies.

The statement said the group’s jobs strategy was focused on investing in human and physical infrastructure, creating business-ready regulatory environments and helping the private sector scale.

It listed infrastructure and energy, agribusiness, healthcare, tourism, and value-added manufacturing as five sectors with the potential to generate investment and employment at scale.

It said in FY26, 55 per cent of total financing, including the group’s own account and mobilised capital, went to those five job-rich sectors.

“Private investment is also reaching lower-income economies, where regional and local investors are increasingly complementing global capital in financing businesses and supporting job creation.

“The World Bank is seeking to expand the number of investors participating through its originate-to-distribute(O2D) initiative, which aims to package and distribute investments to institutional investors.

“The initiative is intended to connect more long-term institutional capital with investment opportunities in developing economies, while broadening the sources of financing available for development,” it said.

It said that the objective was to mobilise more capital from more sources and direct greater amounts towards job creation and economic opportunities in developing economies.

Meanwhile, Ajay Banga, World Bank Group President, said that the FY26 achievements were made possible with the encouragement of the bank’s shareholders and clients.

“Three years ago, our shareholders and clients were clear: utilise World Bank Group financing and knowledge to mobilise more private capital and become a better partner to the private sector.

“We changed how we work to do that-faster, simpler, and as one World Bank Group.

The result is 112 billion dollars mobilised this year, more than three times where we started.

“But the number only matters if the capital goes where it can create opportunity and jobs, while continuing to remove barriers and expand the investor base and driving more capital into developing economies, ” Ajay said.(NAN)

 The Nigerian stock market extended its positive momentum on Wednesday, marking the fifth consecutive bullish session.

 The market’s upward movement was driven by gains in equities like: Sovereign Trust Insurance, Champion Breweries, Livestock Feeds, Learn Africa, Mutual Benefits and 29 other stocks.

 The market capitalization increased by 0.

 Similarly, the All-Share Index (ASI) rose by 0.20 per cent, advancing by 487.

 Consequently, the market’s Year-to-Date return improved to 57.31 per cent.

 Also, the market breadth closed positive with 34 gainers against 26 losers.

 On the gainers’ chart, Sovereign Trust Insurance led by 9.69 per cent, closing at N2.15, Champion Breweries followed by 9.50 per cent, finishing at N10.95 while Livestock Feeds increased by 9.42 per cent, ending the session N7.55 per share.

 Similarly, Learn Africa gained by 9.09 per cent, settling at N8.40 and Mutual Benefits advanced by 8.93 per cent, closing at N3.05 per share.

Conversely, Industrial and Medical Gases led the losers’ chart by 9.93 per cent, settling at N27.65, John Holt trailed by 9.88 per cent, finishing at N7.30 while Livingtrust Mortgage Bank lost by 9.84 per cent, ending the session at N2.84 per share.

Also, Fidson Healthcare declined by 9.19 per cent, closing at N72.65 and Royal Exchange dipped by 9 per cent, finishing at 91k per share.

Market activity strengthened during the session, with total volume traded rising by 27.23 per cent to 662.43 million shares, valued at N37.45 billion in 63,271 deals.

Sterling Nigeria led trading volume with 142.04 million shares, accounting for 21.44 per cent of the total.

 Guaranty Trust Holding Company recorded the highest value traded at N5.27 billion, representing 14.07 per cent of the day’s total. (NAN)

Nigeria’s Ambassador to Spain, Okezie Ikpeazu, has called for the revitalisation of existing bilateral agreements with Spain, including the Bilateral Air Service Agreement, to strengthen economic cooperation and people-to-people relations between both countries.

Ikpeazu made the call after presenting his Letters of Credence to King Felipe VI of Spain at the Royal Palace in Madrid on Monday.

The presentation formally marked the commencement of Ikpeazu’s diplomatic assignment to Spain, according to a statement issued by the spokesperson for the Ministry of Foreign Affairs, Oluwafemi Adeniyi, on Tuesday.

During the ceremony, the ambassador conveyed the greetings and best wishes of President Bola Tinubu to the Spanish monarch, government and people.

He reaffirmed Nigeria’s commitment to strengthening bilateral relations with Spain, particularly in trade and investment, energy, infrastructure, agriculture, education, culture, tourism, security and people-to-people exchanges.

Ikpeazu also expressed Nigeria’s readiness to work with the Spanish government, institutions and private sector to create new opportunities for economic partnerships and increase trade and investment between the two countries.

Speaking at a reception organised by the Nigerian Embassy in Madrid after the ceremony, the ambassador said existing bilateral agreements should be reviewed to reflect current economic and diplomatic priorities.

He specifically highlighted the Bilateral Air Service Agreement between Nigeria and Spain, stressing the need to facilitate direct air connectivity between the two countries. He said improved air links would help boost economic partnerships, tourism and people-to-people exchanges.

Ikpeazu also called for a more robust and sustained bilateral partnership involving public institutions, the private sector, academia, cultural organisations, civil society groups and communities.

The ambassador expressed appreciation to the Spanish government and people for the warm reception accorded him and pledged to advance Nigeria’s interests while consolidating relations between the two countries.

He said, “The relations between the two countries offer significant opportunities for expanded cooperation,” while advocating broader stakeholder participation in strengthening the partnership.

Ikpeazu also acknowledged the contributions of Nigerians living in Spain, describing the Nigerian community as an important bridge for promoting understanding, friendship and cooperation between the peoples of both countries.

He reaffirmed the commitment of the Nigerian Embassy in Madrid to promoting and protecting the interests of Nigerian nationals in Spain.

The reception, a vin d’honneur held in his honour, was attended by members of the diplomatic corps, representatives of the Spanish government, business and cultural stakeholders, members of the Nigerian community and other friends and associates of Nigeria.

The envoy said the embassy would continue to work with the Spanish government, diplomatic community, private sector, development partners and Nigerian community to translate the goodwill between both countries into concrete outcomes.

Nigeria and Spain have maintained long standing bilateral relations, with cooperation spanning economic, diplomatic, cultural and people-to-people ties.