•From left: Special Adviser to the President on Finance and Economic Coordination, Sanyande Okoli; Permanent Secretary, Special Duties, Ministry of Finance, Raymond Omachi; Minister of State for Finance, Dr. Doris Uzoka-Anite; Edun; World Bank Executive Director for the Africa Group 1 Constituency (ANSA), Zainab Shamsuna Ahmed; SA-ED, World Bank, Glady Ekwere and  Director, IER George Nyeso

The Federal Government has informed the World Bank of its desire to reduce Nigeria’s dependence on external debt financing

This is part of a broader strategy to explore alternative funding sources beyond traditional multilateral loans.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this disclosure during a meeting with the World Bank Executive Director, Dr. Zainab Shamsuna Ahmed.

He reiterated the government’s focus on fostering a business-friendly environment that attracts sustainable investments and drives private sector-led growth.

Dr. Ahmed, who is the immediate past Minister of Finance, commended Nigeria’s macroeconomic reforms, noting their role in improving fiscal stability and boosting investor confidence.

She also pointed out the recent financial reforms at the World Bank that have expanded its lending capacity, making an additional $150 billion available over the next decade.

One of the key topics discussed was Nigeria’s role in Mission 300, the World Bank’s initiative aimed at providing electricity access to 300 million Africans. Edun insisted on Nigeria’s commitment to the programme, stressing that improved power infrastructure is crucial for economic growth, industrial expansion, and enhancing private sector competitiveness.

The Minister assured the World Bank that President Bola Tinubu remains focused on strengthening Nigeria’s economic foundation, reducing reliance on external borrowing, and promoting long-term economic growth through private sector investments.