Nigeria Engages with World Bank in Search of Economic Independence
The Nigerian government has engaged with the World Bank to explore areas of mutual collaboration that would help the country achieve economic independence. The nation is currently facing multiple economic challenges and is seeking to reduce its reliance on external debt while fostering sustainable growth.
During a meeting with Zainab Ahmed, a director at the World Bank, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reiterated Nigeria’s commitment to private-sector-driven growth. He also emphasized the government’s goal of reducing dependence on external debt financing, in favor of fostering a more business-friendly environment that attracts sustainable investments.
The discussions were framed within a broader strategy aimed at leveraging alternative financing options beyond traditional multilateral loans. According to a statement from the Ministry of Finance, the meeting highlighted Nigeria’s focus on fostering long-term economic stability and development.
Ahmed, who previously served as Nigeria’s finance minister, commended the country’s macroeconomic reforms, noting that they have contributed to improved fiscal stability and bolstered investor confidence. She also pointed out that recent reforms within the World Bank had enhanced its lending capacity, making an additional $150 billion available over the next decade.
One of the key topics discussed was Nigeria’s involvement in the World Bank’s Mission 300 initiative, which aims to provide electricity access to 300 million Africans. Edun reaffirmed Nigeria’s commitment to this programme, stressing that the development of power infrastructure is essential for the nation’s economic growth, industrial expansion, and private-sector competitiveness.
Edun further highlighted that President Bola Tinubu is determined to strengthen Nigeria’s economic foundation, reduce the country’s dependence on external borrowing, and promote long-term development led by the private sector.
