FG Moves To Strengthen Economy, Engages World Bank

FG Moves To Strengthen Economy, Engages World Bank

The Federal Government has reaffirmed its commitment to fostering a private sector-driven economy while reducing reliance on external debt, acknowledging the World Bank’s support in this effort.

According to Ireporteronline reports, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized Nigeria’s dedication to economic reforms during a meeting with World Bank Executive Director, Zainab Shamsuna Ahmed, on Monday.……READ MORE 

A statement from the Ministry’s spokesperson, Mohammed Manga, revealed that the discussion was part of a broader strategy to explore alternative financing beyond traditional multilateral loans.

Edun praised the World Bank’s role in Nigeria’s economic growth while stressing the government’s focus on creating a business-friendly environment to attract sustainable investments.

Ahmed, who previously served as Nigeria’s Minister of Finance, commended Nigeria’s macroeconomic reforms, highlighting their impact on fiscal stability and investor confidence. She also noted that the World Bank’s recent financial restructuring had expanded its lending capacity, making an additional $150 billion available over the next decade.

A key topic of discussion was Nigeria’s involvement in Mission 300, the World Bank’s initiative to provide electricity to 300 million Africans. Edun reaffirmed Nigeria’s commitment to the program, stressing that improved power infrastructure is crucial for economic growth, industrial expansion, and private sector competitiveness.

He further reiterated that President Bola Tinubu’s administration remains focused on strengthening Nigeria’s economic foundation, reducing dependency on external borrowing, and driving long-term, private-sector-led development.