FG Seeks World Bank’s Support For Strong Economy

The Federal Government has acknowledged the World Bank’s support and partnership with the country to grow the nation’s economy.

Naijaonpoint reports that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Nigeria was committed to private sector-driven growth and reduced reliance on external debt financing.

In a statement from the Ministry’s spokesman, Mohammed Manga, Edun stated this during a meeting with the World Bank Executive Director, Zainab Shamsuna Ahmed, on Monday.

The meeting was part of a broader strategy to leverage alternative financing sources beyond traditional multilateral loans.

Edun commended the World Bank’s role in supporting Nigeria’s development but emphasized the government’s focus on fostering a business-friendly environment that attracts sustainable investments.

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.

Edun assured Nigeria’s commitment to the programme, stressing that improved power infrastructure was critical for economic growth, industrial expansion, and private sector competitiveness.

He emphasized that President Bola Tinubu remained focused on strengthening Nigeria’s economic foundation, reducing dependency on external borrowing, and ensuring long-term, private-sector-led development.