The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed Nigeria’s commitment to economic reforms and private sector-driven growth, aiming to reduce reliance on external debt financing. This was highlighted during a high-level meeting with World Bank Executive Director, Dr. Zainab Shamsuna Ahmed.

Mr. Edun acknowledged the World Bank’s crucial support in Nigeria’s development but emphasized the government’s shift toward alternative financing models, prioritizing a business-friendly environment that attracts sustainable investments. This aligns with Nigeria’s broader strategy to leverage diverse funding sources beyond traditional multilateral loans.

Dr. Ahmed, a former Minister of Finance, commended Nigeria’s macroeconomic reforms, which have enhanced fiscal stability and investor confidence. She also outlined recent World Bank financial reforms, which boosted the institution’s lending capacity, unlocking an additional $150 billion over the next decade for member countries.

A key focus of the discussions was Nigeria’s role in “Mission 300”, a World Bank initiative aimed at expanding electricity access to 300 million Africans. The Honourable Minister reaffirmed Nigeria’s commitment to the program, stressing that improving power infrastructure is essential for economic growth, industrial expansion, and private sector competitiveness.

Mr. Edun emphasized that President Bola Tinubu remains steadfast in his commitment to strengthening Nigeria’s economic foundation, reducing reliance on external borrowing, and driving a long-term private sector-led development strategy.