The Federal Government has confirmed the commencement of the World Bank’s blockchain-based FundsChain platform in Nigeria, marking a significant advancement in the nation’s efforts to enhance transparency, accountability, and financial integrity in the management of development projects. The deployment of this system forms part of broader fiscal and governance reforms aimed at reducing leakages, boosting oversight, and ensuring donor funds are utilized efficiently.
The announcement was made in a statement issued by Bawa Mokwa, Director of Press at the Office of the Accountant-General of the Federation (OAGF), following a high-level workshop held in Abuja. The event convened project accountants, financial managers, and coordinators to familiarize them with the new system and strengthen reporting and compliance frameworks across World Bank–funded operations.
During the workshop, the Accountant-General of the Federation (AGF), Dr. Shamseldeen Babatunde Ogunjimi, described the introduction of FundsChain as a transformative milestone for Nigeria’s public financial management architecture. According to Ogunjimi, the blockchain-backed platform brings a level of transparency previously unattainable, offering real-time, tamper-proof visibility over how funds are allocated, disbursed, and utilized.
He explained that the initial rollout would see six World Bank–supported projects integrated into FundsChain, allowing stakeholders to track every stage of financial transactions from source to expenditure. Ogunjimi maintained that by adopting blockchain, Nigeria is aligning itself with global best practices in development financing and demonstrating its readiness to enhance accountability in the use of public and donor resources.
He emphasized the importance of transparency in achieving successful development outcomes, noting that improved reporting and reduced wastage are essential to restoring public trust and maintaining Nigeria’s strong relationship with international partners. To support this transition, the AGF also introduced a newly developed Financial Management Manual (FMM), which will serve as the unified operational guide for executing financial transactions under all World Bank–funded projects going forward. He urged project stakeholders to fully adopt and adhere to the provisions of the manual to avoid infractions and sustain the country’s positive rating with the World Bank.
In addition to the FundsChain rollout, the workshop highlighted a new World Bank policy that prohibits the removal of key financial management staff during the last six months of any project. Ogunjimi explained that this measure was introduced to prevent disruption, undocumented advances, and lapses that often occur during transitions. Incoming officers, he added, must undergo a three-month overlap with outgoing staff to ensure continuity and effective handover.
Ogunjimi revealed that these reforms are already yielding positive results. Through joint efforts between the OAGF and the World Bank, Nigeria has reduced lapsed loans from $18 million to $7 million and cut undocumented advances by 15 percent. Despite these gains, he reiterated the need for stronger compliance, urging project teams to prioritize documentation, refund overdue loans, and strictly follow World Bank guidelines. He affirmed that the government remains committed to supporting reforms that align with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Representing the World Bank Country Director, Senior Financial Management Specialist Akram ElShorbagy commended Nigeria’s reform efforts and encouraged the government to maintain consistency in institutional commitment. He stated that FundsChain, already piloted in 13 projects across 10 countries, will be expanded to cover around 250 World Bank–financed projects globally before the end of the Bank’s 2026 fiscal year.
FundsChain is designed to provide a secure, end-to-end digital record of fund movements, creating transparency across all stages of project implementation. With blockchain as its foundation, the system eliminates manipulation risks and assures donors, government institutions, and project teams of accurate, real-time data.
Nigeria’s adoption of this platform is particularly significant given its substantial financial engagement with the World Bank. As of June 30, 2025, the nation’s external debt stood at $46.98 billion, with the World Bank Group holding $19.39 billion—representing 41.3 percent of Nigeria’s total external debt. This massive portfolio underscores the critical role of transparent fund management in ensuring sustained international support.
With the integration of FundsChain, the government aims to strengthen oversight, improve project execution, and build a more accountable financial ecosystem for development programs nationwide.
