The Nigerian government has expressed its intention to reduce the country’s reliance on external debt financing as part of a broader strategy to explore alternative sources of funding beyond traditional multilateral loans.
This shift is expected to support Nigeria’s long-term economic growth and sustainability.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this announcement during a meeting with the World Bank Executive Director, Dr. Zainab Shamsuna Ahmed.
Edun emphasised that the government’s focus remains on fostering a business-friendly environment, one that attracts sustainable investments and drives private sector-led growth.
Dr. Ahmed, who is the immediate past Minister of Finance in Nigeria, commended the country’s recent macroeconomic reforms, acknowledging their role in improving fiscal stability and boosting investor confidence.
She also highlighted recent financial reforms within the World Bank, which have expanded the institution’s lending capacity by an additional $150 billion over the next decade, further enhancing its support to countries like Nigeria.
A significant part of the discussion focused on Nigeria’s participation in the World Bank’s “Mission 300” initiative, a project aimed at providing electricity access to 300 million Africans.
Edun reaffirmed Nigeria’s commitment to the programme, underlining the importance of improving the nation’s power infrastructure.
He stressed that a reliable energy sector is vital for economic growth, industrial expansion, and boosting the competitiveness of the private sector.
In his remarks, the Finance Minister also reassured the World Bank that President Bola Tinubu is fully committed to strengthening Nigeria’s economic foundation.
The government aims to reduce its dependence on external borrowing while promoting private sector investments to ensure sustainable economic development in the years to come.
