Nigeria Aims to Channel World Bank Support into High-Impact Projects
By Patience Ikpeme
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has given assurances to the World Bank that Nigeria is committed to using multilateral support for projects that will expand infrastructure, create jobs, and attract private sector investment.
Edun gave the assurance during a strategic briefing with the World Bank Executive Director for the Angola, Nigeria and South Africa (ANSA) Constituency, Mrs. Zainab Shamsuna Ahmed.
According to the Minister, recent reforms such as the removal of fuel subsidies, improved tax collection, and digitization are already drawing international capital, with new investments in the manufacturing sector serving as a sign of renewed confidence in the country’s economy.
Edun said that the government has set an ambitious goal for the country’s economic growth. “We are targeting GDP growth of up to 7% in the medium term, more than double population growth and significantly raise living standards,” the Minister stated.
He explained that this goal would be achieved through a focus on structural reforms in key sectors. “Our focus is on structural reforms in agriculture, power, and digital infrastructure to build a stronger, more competitive economy,” he said.
Edun welcomed the World Bank’s continued partnership, stating that a combination of Nigeria’s ongoing reforms and strategic multilateral support will set the stage for sustainable growth and a private sector-led economy.
Mrs. Ahmed, a former Minister of Finance herself, praised Nigeria’s leadership role in continental forums, including the recent Africa Caucus. She pledged the World Bank’s commitment to supporting Nigeria’s development agenda, particularly in its efforts to drive economic progress through strategic partnerships and reforms.
