FG Calls on World Bank to Bolster Economic Stability

The World Bank’s assistance and collaboration with the nation to expand its economy has been recognized by the Federal Government.
According to reports, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, was dedicated to growth driven by the private sector and less dependence on outside loan finance.
Edun made this claim in a statement released by Mohammed Manga, the Ministry’s spokesperson, after meeting with Zainab Shamsuna Ahmed, the Executive Director of the World Bank, on Monday.

The gathering was a component of a larger plan to use funding sources other than conventional multilateral loans.
Edun praised the World Bank’s contribution to Nigeria’s development but underlined the government’s emphasis on creating an atmosphere that is conducive to business and draws in long-term investments.

Ahmed, a former Finance Minister of Nigeria, commended the nation’s macroeconomic reforms, saying they have increased investor confidence and budgetary stability.

She emphasized how the World Bank’s recent financial changes have increased its lending capacity, opening up an extra $150 billion in financing over the ensuing ten years.

Nigeria’s involvement in Mission 300, the World Bank’s program to give 300 million Africans access to power, was a major topic of conversation.

Edun reaffirmed Nigeria’s commitment to the initiative, emphasizing the importance of better electricity infrastructure for industrial development, economic progress, and the competitiveness of the private sector.

He underlined that President Bola Tinubu is still committed to securing long-term, private-sector-led growth, bolstering Nigeria’s economic base, and lowering reliance on foreign borrowing.