Leadnaija
The Federal Government has communicated to the World Bank its intention to lessen Nigeria’s reliance on external debt funding. This initiative is part of a wider strategy aimed at seeking alternative financing options beyond conventional multilateral loans.
Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, shared this information during a meeting with Dr. Zainab Shamsuna Ahmed, the Executive Director of the World Bank.
He emphasized the government’s commitment to creating a supportive business landscape that encourages sustainable investments and promotes growth driven by the private sector.
Dr. Ahmed, the former Minister of Finance, praised Nigeria’s macroeconomic reforms, highlighting their contribution to enhancing fiscal stability and fostering greater confidence among investors.
She highlighted the recent financial reforms implemented at the World Bank, which have significantly increased its lending capacity, enabling an additional $150 billion to be accessible over the coming decade.
A significant point of discussion centered on Nigeria’s involvement in Mission 300, an initiative by the World Bank designed to extend electricity access to 300 million people across Africa.
Edun emphasized Nigeria’s dedication to the program, highlighting that better power infrastructure is vital for economic development, industrial growth, and increasing the competitiveness of the private sector.
The Minister informed the World Bank that President Bola Tinubu is dedicated to reinforcing Nigeria’s economic base, minimizing dependence on external loans, and fostering sustainable economic growth by encouraging private sector investments.Tap Here To Read Full Details
