Nigeria to Cut Foreign Borrowing, Focus on Private Sector Growth – Edun
The Federal Government has informed the World Bank of its commitment to reducing Nigeria’s reliance on external debt financing, signaling a shift toward alternative funding sources and private sector-led economic growth.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this during a meeting with the World Bank Executive Director, Dr. Zainab Shamsuna Ahmed.
He emphasized the government’s strategy to foster a business-friendly environment that attracts sustainable investments and reduces dependence on international loans.
Dr. Ahmed, who previously served as Nigeria’s Minister of Finance, commended the country’s recent macroeconomic reforms, noting their positive impact on fiscal stability and investor confidence. She also highlighted financial reforms at the World Bank that have expanded its lending capacity, making an additional $150 billion available over the next decade.
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One of the key topics discussed was Nigeria’s involvement in Mission 300, the World Bank’s initiative aimed at providing electricity access to 300 million Africans. Edun reaffirmed Nigeria’s commitment to the program, stressing that improved power infrastructure is crucial for economic growth, industrial expansion, and boosting 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 driving long-term growth through private sector investments.
