By Dickson Pat
World Bank Group and the International Atomic Energy Agency ,IAEA, have entered into a formal agreement to support the safe, secure, and responsible use of nuclear power in developing countries.
The agreement, signed by World Bank President Ajay Banga and IAEA Director General Rafael Mariano Grossi, marks the World Bank’s first reengagement with nuclear energy in decades and signals a broader shift in global development policy.
The new partnership is designed to help countries integrate nuclear energy into their power systems as they work to expand electricity access, improve grid reliability, and reduce emissions.
With electricity demand in developing economies expected to more than double by 2035, the World Bank said it is embracing a wider mix of energy options, including nuclear, to help countries meet their development needs in a sustainable and climate-conscious manner.
“This landmark partnership opens the door for other multilateral development banks and private investors to consider nuclear as a viable tool for energy security and sustainable prosperity”, said Grossi.
He described the agreement as a milestone that reflects growing international recognition of nuclear energy’s role in driving industrial growth, reducing emissions, and supporting long-term energy security.
World Bank President Ajay Banga emphasized that the institution’s renewed interest in nuclear energy is driven by development realities on the ground. “Jobs need electricity. So do factories, hospitals, schools, and water systems”, he said.
“That’s why we’re embracing nuclear energy as part of the solution and re- embracing it as part of the mix the World Bank Group can offer developing countries to achieve their ambitions”.
The agreement outlines plans for the World Bank and IAEA to collaborate on deepening technical knowledge within the Bank about nuclear safety, emerging technologies, fuel cycles, and waste management.
It also covers the safe extension of existing nuclear reactors that are nearing the end of their design lifespans and highlights efforts to promote the deployment of small modular reactors ,SMRs, which are smaller, more flexible, and better suited to the needs of developing countries with constrained energy infrastructure.
For countries like Nigeria, which has long considered nuclear energy as part of its future energy mix, the partnership opens new opportunities to access technical support and potentially catalyze funding for nuclear projects.
Nigeria’s nuclear ambitions have been limited by regulatory and financial challenges, but the new collaboration could help address these gaps by integrating nuclear development into broader energy planning and investment frameworks.
The IAEA has been actively supporting Nigeria and other developing countries through capacity-building initiatives and technical cooperation, but the involvement of the World Bank brings new momentum and credibility to nuclear energy as a mainstream development tool.
By joining forces, the two institutions aim to foster stronger regulatory frameworks, build public trust, and create pathways for responsible nuclear investment.
This partnership also sets a precedent for other multilateral lenders to reassess their stance on nuclear energy, potentially unlocking additional capital for clean and resilient power generation in regions that have traditionally been underserved.
Although the agreement does not involve immediate financing commitments, it establishes a framework for future collaboration that could lead to the inclusion of nuclear projects in development financing portfolios
