From Stability to Growth: Oyedele, Cardoso Meet World Bank President in Bangkok
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, and the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, on Monday met with the President of the World Bank Group, Mr. Ajay Banga, on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
The meeting reviewed Nigeria’s reform progress and the next phase of the agenda — turning macroeconomic stability into faster growth, more private investment and stronger domestic revenues.
Mr. Banga commended Nigeria’s reform progress, pointing to the rise in private capital inflows from about $300 million in 2023 to nearly $6 billion in 2026, a twentyfold increase.
Mr. Oyedele highlighted rising economic growth and noted that Nigeria’s tax-to-GDP ratio rose from about 7 per cent to 12.5 per cent over the same period, giving government more room to fund public investment without resorting to deficit monetisation.
In a statement issued by Efe Ovuakporie, Finance Ministry’s Head of Media,
the meeting also discussed how Nigeria can make greater use of World Bank guarantee instruments to unlock financing for infrastructure and draw more private capital into the domestic market.
Power infrastructure and human capital were identified as priorities for continued public investment, given their importance to business competitiveness, productivity and job creation. The meeting stressed the quality of public spending, to ensure that each naira delivers measurable economic and social returns.
The engagement is part of the Federal Government’s wider outreach to development partners to consolidate reform gains and attract new investment. As Nigeria moves from stability to growth, the priority is to translate stronger fundamentals into productive investment, more jobs and better living standards for Nigerians.
