The Federal Government has recognized the World Bank’s assistance and collaboration with the nation in fostering economic growth.
It was stated that Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, was dedicated to growth driven by the private sector and less dependence on debt funding from outside sources.
According to a statement released by Mohammed Manga, the Ministry’s spokesperson, Edun made this claim at a Monday meeting with Zainab Shamsuna Ahmed, the Executive Director of the World Bank.
The conference was a component of a larger plan to rely on funding sources other than conventional multilateral lenders.
The World Bank’s contribution to Nigeria’s development was praised by Edun, who also underlined the government’s emphasis on creating an atmosphere that is conducive to business and draws in long-term investments.
The country’s macroeconomic reforms have increased investor confidence and budgetary stability, Ahmed, a former Nigerian Finance Minister, complimented.
She emphasized how the World Bank has improved its lending capabilities with recent financial reforms, opening up an extra $150 billion in financing over the next ten years.
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The World Bank’s Mission 300 effort, which aims to give 300 million Africans access to power, was a major topic of conversation.
Edun reaffirmed Nigeria’s dedication to the initiative, emphasizing the importance of better electricity infrastructure for industrial development, economic progress, and private sector competitiveness.
He underlined that President Bola Tinubu is still committed to securing long-term, private-sector-led development, cutting reliance on foreign borrowing, and fortifying Nigeria’s economic base.
