World Bank Backs Nigeria’s Economic Reforms, Pledges Increased Support for Private Sector Growth
Nigeria’s economic reform agenda received a major boost on Thursday as the World Bank reaffirmed its commitment to supporting the country’s drive toward private sector–led growth and inclusive development.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, hosted Ms. Anshula Kant, Managing Director and Chief Financial Officer of the World Bank, for a high-level meeting in Abuja aimed at strengthening economic collaboration and mobilising private capital for national development.
During the engagement, Ms. Kant described Nigeria as a cornerstone of the World Bank’s Africa strategy, commending the federal government for its bold macroeconomic reforms. She specifically praised the recent foreign exchange liberalisation and fuel subsidy removal, noting that these measures are critical to restoring investor confidence and creating a foundation for long-term economic transformation.
“Nigeria’s reform momentum is both necessary and commendable,” Kant stated. “We stand ready to accelerate our support, particularly in energy, digital access, and youth employment—the pillars of a competitive, future-facing economy.”
In response, Minister Edun reiterated the administration’s commitment to scaling growth through targeted investments in infrastructure, agriculture, and technology. He pointed to renewed investor interest, strengthened foreign reserves, and over $7 billion in fresh oil and gas sector commitments as early indicators that the reforms are gaining traction.
“Our path to sustainable prosperity lies in unlocking private investment,” Edun noted. “The World Bank’s partnership is critical to achieving this goal.”
Both parties also explored ways to reduce the cost of capital and expand access to financing for small and medium enterprises (SMEs). Discussions included innovative financial instruments such as blended finance platforms and new risk guarantee tools under the World Bank’s Multilateral Investment Guarantee Agency (MIGA).
The meeting concluded with a joint resolve to deepen collaboration and ensure Nigeria’s reforms translate into tangible outcomes—job creation, increased capital inflows, and a more resilient economy that benefits all Nigerians.
The engagement, according to the Federal Ministry of Finance, reflects a growing international endorsement of Nigeria’s economic direction under President Bola Tinubu’s administration.