Nigeria Urges IsDB to Rethink Development Financing Strategy
By Patience Ikpeme
The Nigerian government has called on the Islamic Development Bank (IsDB) to adapt its development financing approach to address current economic realities, emphasizing the need for “bold reforms and smarter investments.”
This call was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during the IsDB Governors’ Retreat held in Al-Madinah, Saudi Arabia. The retreat aimed to gather input and build consensus on the bank’s upcoming 10-year strategy (2026-2035) to enhance its developmental impact.
Mr Edun advocated for transformative projects in key sectors such as infrastructure, agriculture, rail, and energy. He urged the bank to prioritize investments with strong returns to ensure the sustainability of its financing.
Furthermore, Edun highlighted the importance of innovative funding solutions tailored to national priorities and debt dynamics. He stressed the urgent need for a concessional financing strategy that balances development goals with minimal debt accumulation.
In response to the bank’s call for input, Wale Edun also emphasized the critical need for robust monitoring systems to effectively evaluate the real-world impact of the bank’s initiatives.
The retreat, attended by key figures including Algeria’s Minister of Finance and Chairman of the Board of Governors, H.E. Laaziz Faid, and Saudi Arabia’s Finance Minister, H.E. Mohammed Al-Jadaan, served as a platform for governors to share their perspectives and provide feedback on the IsDB’s future direction.
Edun’s advocacy underscores Nigeria’s commitment to strengthening the IsDB’s role in delivering tangible results for its member states. As the bank embarks on its new 10-year strategy, the collaborative efforts of the IsDB and its member states will be crucial in addressing pressing development challenges in a rapidly changing global landscape.
