The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has called for Bold Reforms and Smarter Investments at the Islamic Development Bank (IsDB) Governors’ Retreat holding in the City of Al-Madinah, Saudi Arabia.
The retreat aimed to gather input and build consensus on the bank’s upcoming 10-year strategy to achieve greater developmental impact.
He 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, in a statement on Monday by the Director, Information and Public Relations of the Ministry, Mohammed Manga, 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, HM 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.
