The federal government has restated its commitment to reduce reliance on external debt financing and encouraging private-sector-driven economic growth as part of its long-term budgetary policy.
Wale Edun, the minister of finance and coordinating minister of the economy, stated this during a meeting with World Bank executive director Dr. Zainab Shamsuna Ahmed, where he emphasized Nigeria’s transition toward alternative funding sources and investment-friendly policies.
Edun commended the World Bank’s contribution to Nigeria’s progress, but emphasized that the government is prioritizing a business-friendly climate to attract private-sector investment.
“Our focus is on reducing dependency on external borrowing while ensuring that Nigeria’s economic policies foster long-term, private-sector-led growth,” he told journalists.
Dr. Ahmed, who previously served as Nigeria’s Minister of Finance, praised the country’s continuing macroeconomic reforms, claiming they have improved fiscal stability and investor confidence.
Ahmed also emphasized the World Bank’s recent financial changes, which raised lending capacity by $150 billion over the next decade.
A notable highlight of the summit was Nigeria’s participation in “Mission 300,” the World Bank’s project to bring energy to 300 million Africans.
Edun underlined that the government’s primary goal remains power infrastructure, which is essential for economic growth, industrial expansion, and private-sector competitiveness.
“Electricity access is a game-changer for Nigeria’s economy, and we are committed to playing a leading role in Mission 300 to ensure sustainable development,” he told reporters.
He further stated that President Bola Tinubu is committed to rebuilding Nigeria’s economic basis, moving away from foreign borrowing, and cultivating a resilient, investment-driven economy.
