Nigeria Engages W/Bank In Search Of Economic Independence

The Nigeria government has engaged with World Bank on areas of mutual of partnership that would guarantee economic independence for the Africa’s most populous nation currently struggling with multiple economic challenges.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, also reiterated the country’s commitment to private sector-driven growth, and reduced reliance on external debt financing during a meeting with a director of the World Bank, Zainab Ahmed.

Edun acknowledged the World Bank’s role in supporting Nigeria’s development but emphasised the government’s focus on fostering a business-friendly environment that attracts sustainable investments.

The discussions were part of a broader strategy to leverage alternative financing sources beyond traditional multilateral loans, the ministry said in a statement on Monday.

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 $150 billion 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.

Edun reaffirmed Nigeria’s commitment to the programme, stressing that improved power infrastructure is critical for economic growth, industrial expansion, and private sector competitiveness.

He emphasised that President Bola Tinubu remained focused on strengthening Nigeria’s economic foundation, reducing dependency on external borrowing, and ensuring long-term, private-sector-led development.