In a strategic move to enhance economic resilience and reduce reliance on external debt, the Federal Government of Nigeria has intensified its engagement with global financial institutions.
During a high-level meeting in Abuja, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, met with World Bank Executive Director, Dr. Zainab Shamsuna Ahmed, to discuss economic partnerships, private sector-driven growth, and sustainable development.
Director of Information and Public Relations Muhammed Manga in a statement quoted Edun who joined by Minister of State for Finance, Dr. Doris Uzoka-Anite, and Permanent Secretary (Special Duties) Mr. Raymond Omenka Omachi, to have reaffirmed Nigeria’s commitment to fostering a business-friendly environment that attracts sustainable investments.
He emphasized the government’s strategy to explore alternative financing beyond traditional multilateral loans, thereby strengthening fiscal stability.
Dr. Ahmed, a former Nigerian Finance Minister, commended the country’s macroeconomic reforms, which she said have boosted investor confidence.
She also highlighted the World Bank’s recent financial reforms, which have increased its lending capacity by $150 billion over the next decade.
A major focus of the discussion was Nigeria’s participation in Mission 300, the World Bank’s initiative to provide electricity access to 300 million Africans. Edun reiterated Nigeria’s commitment to improving power infrastructure, noting its crucial role in driving industrial growth and private-sector competitiveness.
“With President Tinubu’s focus on strengthening Nigeria’s economic foundation and reducing dependency on external borrowing, the country is poised for sustainable, private sector-led development,” Edun stated.
As Nigeria deepens its collaboration with global institutions like the World Bank, the country is expected to witness increased investments, economic diversification, and improved infrastructure. These efforts align with the government’s broader vision for long-term prosperity and global economic integration.
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