World Bank Backs Nigeria\u2019s Economic Reforms, Pledges Increased Support for Private Sector Growth<\/p>\n
\u00a0Nigeria\u2019s economic reform agenda received a major boost on Thursday as the World Bank reaffirmed its commitment to supporting the country\u2019s drive toward private sector\u2013led growth and inclusive development.<\/p>\n
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.<\/p>\n
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During the engagement, Ms. Kant described Nigeria as a cornerstone of the World Bank\u2019s 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.<\/p>\n
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\u201cNigeria\u2019s reform momentum is both necessary and commendable,\u201d Kant stated. \u201cWe stand ready to accelerate our support, particularly in energy, digital access, and youth employment\u2014the pillars of a competitive, future-facing economy.\u201d<\/p>\n
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In response, Minister Edun reiterated the administration\u2019s 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.<\/p>\n
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\u201cOur path to sustainable prosperity lies in unlocking private investment,\u201d Edun noted. \u201cThe World Bank\u2019s partnership is critical to achieving this goal.\u201d<\/p>\n
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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\u2019s Multilateral Investment Guarantee Agency (MIGA).<\/p>\n
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The meeting concluded with a joint resolve to deepen collaboration and ensure Nigeria\u2019s reforms translate into tangible outcomes\u2014job creation, increased capital inflows, and a more resilient economy that benefits all Nigerians.<\/p>\n
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The engagement, according to the Federal Ministry of Finance, reflects a growing international endorsement of Nigeria\u2019s economic direction under President Bola Tinubu\u2019s administration.<\/p>\n","protected":false},"excerpt":{"rendered":"
World Bank Backs Nigeria\u2019s Economic Reforms, Pledges Increased Support for Private Sector Growth \u00a0Nigeria\u2019s economic reform agenda received a major boost on Thursday as the World Bank reaffirmed its commitment to supporting the country\u2019s drive toward private sector\u2013led growth and inclusive development. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale […]<\/p>\n","protected":false},"author":2,"featured_media":147329,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79,2],"tags":[1184,157,81],"class_list":{"0":"post-147328","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","9":"tag-economic-growth","10":"tag-nigeria","11":"tag-world-bank"},"yoast_head":"\n