FG Engages World Bank, Others On Alternative Finance Sources For Nigeria

In a bid to bolster its economic resilience and reduce reliance on external debt, the Federal Government is intensifying efforts to forge strategic partnerships with global institutions.

In a meeting between the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and World Bank Executive Director, Dr. Zainab Shamsuna Ahmed, held at the Finance Headquarters, Abuja, the minister underscored 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.

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 is 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 $150bn 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.

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.

FG Engages World Bank, Others On Alternative Finance Sources For Nigeria is first published on The Whistler Newspaper