The Federal Government of Nigeria is intensifying efforts to forge strategic partnerships with global institutions, like the World Bank, to bolster economic resilience and reduce reliance on external debt.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this on Monday, during a meeting with the World Bank Executive Director, Dr. Zainab Ahmed, underscoring the country’s commitment to private sector-driven growth and sustainable development.
He reiterated the nation’s commitment to private sector-driven growth and reduced reliance on external debt financing while also acknowledging the World Bank’s role in supporting Nigeria’s development.
A statement by the Director, Information and Public Relations of the Ministry, Mohammed Manga, said Mr. Edun, who attended the meeting alongside the Minister of State for Finance, Dr Doris Uzoka-Anite, as well as the Ministry’s Permanent Secretary, Special Duties, Mr Raymond Omenka Omachi, emphasised the government’s focus on fostering a business-friendly environment that attracts sustainable investments. Part of a broader strategy to leverage alternative financing sources beyond traditional multilateral loans.
Ahmed, who previously served as Nigeria’s Minister of Finance, praised the country’s macroeconomic reforms, which have improved fiscal stability and investor confidence.
She highlighted the World Bank’s recent financial reforms that have enhanced its lending capacity, making an additional $150 billion available over the next decade.
A key area of discussion was Nigeria’s role in Mission 300, the World Bank’s initiative to provide electricity access to 300 million Africans.
The Minister reaffirmed Nigeria’s commitment to the programme, stressing that improved power infrastructure is critical for economic growth, industrial expansion, and private sector competitiveness.
HM Edun emphasised further that President Tinubu remains focused on strengthening Nigeria’s economic foundation, reducing dependency on external borrowing, and ensuring long-term, private-sector-led development.
