Nigeria has been granted a US$750 million credit line from the World Bank to advance reforms that would draw in investment and generate employment.
Due to poor income, some states in Nigeria struggle to pay their employees, and as a result, they borrow money from banks and the local bond market to pay for infrastructure projects.
The World Bank said that while economic activity in Nigeria has improved, the nation's capacity to draw both domestic and foreign investment has lagged behind other nations.
"Private sector investment remains the primary means of creating more jobs, increasing state revenues and improving social and economic outcomes for citizens," World Bank country director for Nigeria Shubham Chaudhuri said in a statement late Thursday.
According to the World Bank, the $750 million loan would enhance land stewardship, telecommunications infrastructure, public-private partnerships, investment promotion, and the business regulatory environment.