By Mariam Abeeb
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, have met with the President of the World Bank Group, Ajay Banga, to discuss strategies for translating economic stability into faster growth and increased investment.
The meeting took place on Monday on the sidelines of the 2026 International Monetary Fund (IMF) and World Bank Group Annual Meetings in Bangkok, Thailand, where Oyedele leads Nigeria’s delegation.
According to a statement by the Federal Ministry of Finance, the meeting reviewed the country’s reform progress and strategies for boosting private investment, economic growth and domestic revenue generation.
Banga commended Nigeria’s economic reforms, highlighting the increase in private capital inflows from about $300 million in 2023 to nearly $6 billion in 2026, representing a twentyfold rise.
Oyedele also highlighted the country’s improving economic growth and disclosed that Nigeria’s tax-to-gross domestic product (GDP) ratio increased from about seven per cent to 12.5 per cent within the same period.
He noted that the improvement in revenue generation had expanded the government’s capacity to finance public investment without relying on deficit monetisation.
The meeting also explored opportunities for Nigeria to leverage World Bank guarantee instruments to unlock infrastructure financing and attract additional private capital into the domestic economy.
Power infrastructure and human capital development were identified as priority areas for sustained public investment, given their importance to business competitiveness, productivity and job creation.
The participants also emphasised the need to improve the quality of public expenditure to ensure that government spending delivers measurable economic and social benefits.
The ministry said the engagement formed part of the Federal Government’s broader efforts to strengthen partnerships with development institutions, consolidate reform gains and attract fresh investment.
It added that Nigeria’s next priority was to translate improved macroeconomic fundamentals into productive investments, increased employment opportunities and better living standards for citizens.
The statement was signed by Efe Ovuakporie, Head of Media .
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