The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has called for groundbreaking reforms and smarter financing strategies during the Islamic Development Bank (IsDB) Governors’ Retreat in Al-Madinah, Saudi Arabia.
His advocacy is coming now that Nigeria is dedicated to reshaping development financing to meet the demands of a changing global economy.
Speaking to key stakeholders at the retreat, Mr. Edun emphasized the need for transformative, high-impact investments in critical sectors such as infrastructure, agriculture, rail, and energy.
The Director of information and public relations Muhammed Manga in a statement quoted Edun to have urged the IsDB to prioritize initiatives with robust returns, ensuring sustainability while fostering economic growth.
The Honourable Minister emphasized the need for the IsDB to rethink its approach to development financing in response to current economic realities.
He called for transformative, high-impact projects in infrastructure, agriculture, rail, and energy, urging the bank to focus on investments with strong returns to ensure sustainable financing.
Edun also highlighted the importance of innovative funding solutions tailored towards national priorities and debt dynamics, stressing the urgent need for a concessional financing strategy that balances development goals with minimal debt accumulation.
The retreat also featured key contributions from Algeria’s Minister of Finance and Chairman of the Board of Governors, H.E. Laaziz Faid, and Saudi Arabia’s Finance Minister, H.E. Mohammed Al-Jadaan, who opened the discussions.
Responding to the bank’s call for input, Edun also stressed the need for robust monitoring systems to evaluate the real impact of the bank’s initiatives. His remarks reflected Nigeria’s commitment to strengthening the IsDB’s role in delivering greater results for its member states.
The retreat served as a forum for governors to provide ideas and feedback on the IsDB’s 10-year strategy (2026–2035), which aims to chart a clear path for addressing pressing development challenges in a rapidly changing global landscape.
As the IsDB embarks on its new 10-year strategy, Edun’s advocacy for innovative financing, bold reforms, and robust monitoring underscores Nigeria’s dedication to driving transformative change and sustainable development in the region. The collaborative efforts of the IsDB and its member states will be crucial in achieving this vision and creating a brighter future for generations to come.

***Urges Top Management Staff to Collaborate for National Growth

In a renewed bid to revitalize Nigeria’s economy, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has called on the Ministry’s top management staff to leverage their expertise in implementing the country’s ambitious economic reforms.
Speaking during the assumption of office by the new Permanent Secretary Special Duties, Mr. Raymond Omenka Omachi, Edun underscored the need for teamwork and collaboration to achieve the government’s developmental objectives.
The director of of Information and Public Relations, Muhammed Manga in a statement quoted the minister to have highlighted that the reforms led by President Bola Ahmed Tinubu’s administration are geared toward improving the quality of life for Nigerians, with a focus on sustainable growth and development.

Edun further expressed appreciation for the contributions of Dr. Doris Uzoka-Anite, the Honourable Minister of State for Finance, commending her unwavering support in driving the nation’s economic agenda.

“We must work together to manage the nation’s finances in an open, transparent, accountable, and efficient manner that delivers on our developmental priorities,” said Edun. His remarks come as the Ministry embarks on its key role in shaping the nation’s economic trajectory.
Responding to the call, Mr. Raymond Omachi, pledged to support the Ministry’s leadership while emphasizing the importance of communication, innovation, and hard work in achieving the set goals. “We will operate an open-door policy, encouraging ideas and innovations to improve our service delivery,” Omachi said, stressing the need for collective efforts to ensure the successful implementation of the economic reforms.

With this shared vision of unity and progress, the Federal Ministry of Finance is set to play a crucial role in driving Nigeria’s economic growth and improving the lives of its citizens, fulfilling the promises of the current administration.

In a bold move to close Nigeria’s housing finance gap and stimulate economic growth, the Federal Government has launched the ₦250 billion Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF).
The initiative promises low-cost, long-term mortgage financing to ease access to homeownership and invigorate the construction sector.
Presiding over the launch in Abuja, Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the fund’s 25-year repayment terms, which aim to replace the high-interest, short-tenor loans currently offered by commercial banks.
A statement issued by the director of information and public relations, Muhammed Manga explained that the first phase of the program, valued at ₦150 billion, seeks to attract private sector investment, while an additional ₦100 billion will be raised in the second phase.
The initiative the statement indicated is in alignment with President Bola Ahmed Tinubu’s economic vision to expand homeownership, generate employment, and drive infrastructural growth.

Described as a public-private partnership, the fund is expected to incentivize developers to construct affordable homes, generating thousands of jobs and revitalizing the real estate market.
Managing Director of MOFI, Dr. Armstrong Takang, emphasized that the program offers Nigerians the opportunity to build generational wealth through affordable and sustainable homeownership.
The signing ceremony drew key players from government, private enterprises, and financial institutions, signalling broad support for the initiative’s potential to transform Nigeria’s housing landscape and economic outlook.
As Nigeria grapples with a rising housing deficit, the MREIF stands out as a game-changing strategy to unlock investments, create jobs, and empower citizens to own homes, ushering in a new era of inclusive growth.