W’Bank eyes $400bn investment to achieve universal broadband

The World Bank has called for a $400b investment to achieve universal broadband access by 2030, warning that billions of people remain excluded from the digital economy due to lack of connectivity.

This investment, according to the global lender, will require strategic collaboration between the public and private sectors, noting that neither can shoulder the financial burden alone.

In a blog post shared on its official X account on Saturday, the financier highlighted the widening digital divide, noting that 2.6 billion people were still offline in 2023.

While digitalisation is transforming industries and societies, low-income countries like Nigeria risk falling further behind without urgent action to improve internet infrastructure, the lender said.

It highlighted the role of the World Bank’s Digital Transformation team, which works with governments in developing countries to strengthen digital economies and governance.

Nigeria is currently working on adding about 90,000 kilometres of fibre-optic cables to its current 30,000 kilometres, a project that has a financial commitment from the World Bank and other financiers. The project is expected to kick off early next year and connect millions of Nigerians who are offline.

“Achieving universal access to broadband will require over $400bn by 2030, and neither the public nor the private sector can do this alone. Governments need to make bold reforms, and the private sector can reduce costs and risks and increase efficiency and innovation,” the statement partly read.

The financial body also pointed out that beyond infrastructure, digital skills, data protection, and cybersecurity were critical for ensuring an inclusive and secure digital future.

It urged strong public-private partnerships to accelerate internet adoption and create opportunities for businesses and individuals in developing economies.

The World Bank’s call for increased investment comes as artificial intelligence and data-driven technologies reshape global economies, deepening concerns that millions of people without internet access or digital skills could be left behind.

The organisation emphasised that boosting digital inclusion requires not only expanding broadband networks but also making internet access affordable and reliable.

As global demand for connectivity grows, the World Bank warned that failing to act now could widen inequality, limiting economic opportunities for millions.

It urged policymakers and investors to prioritise digital infrastructure and policy frameworks that will enable universal broadband access in the coming years.