The Federal Government has informed the World Bank of its desire to reduce Nigeria’s dependence on external debt financing.
This is part of a broader strategy to explore alternative funding sources beyond traditional multilateral loans.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this disclosure during a meeting with the World Bank Executive Director, Dr. Zainab Shamsuna Ahmed.
He reiterated the government’s focus on fostering a business-friendly environment that attracts sustainable investments and drives private sector-led growth.
Dr. Ahmed, who is the immediate past Minister of Finance, commended Nigeria’s macroeconomic reforms, noting their role in improving fiscal stability and boosting investor confidence.
She also pointed out the recent financial reforms at the World Bank that have expanded its lending capacity, making an additional $150 billion available over the next decade.
One of the key topics discussed was Nigeria’s role in Mission 300, the World Bank’s initiative aimed at providing electricity access to 300 million Africans. Edun insisted on Nigeria’s commitment to the programme, stressing that improved power infrastructure is crucial for economic growth, industrial expansion, and enhancing private sector competitiveness.
The Minister assured the World Bank that President Bola Tinubu remains focused on strengthening Nigeria’s economic foundation, reducing reliance on external borrowing, and promoting long-term economic growth through private sector investments.
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