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World Bank Endorses Nigeria's Fiscal Reforms, Cites $6 bn Capital Inflow

BY CHIKA OKEKE, Abuja
Governor of the Central Bank of Nigeria, Olayemi Cardoso (2nd L); Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele (2nd R) and others at the ongoing 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand, on Monday.

The President of the World Bank Group, Ajay Banga has endorsed Nigeria’s fiscal reforms, citing the rise in private capital inflows from about $300 million in 2023 to nearly $6 billion in 2026.

He stated this on the sidelines of the 2026 IMF and World Bank Group Annual Meetings on Monday in Bangkok, Thailand, when he met the Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele and Governor of the Central Bank of Nigeria, Olayemi Cardoso.

The meeting reviewed Nigeria's reform progress and the next phase of its agenda: turning macroeconomic stability into faster growth, more private investment and stronger domestic revenues.

Oyedele highlighted the rising economic growth, noting that Nigeria's tax-to-GDP ratio rose from about seven per cent to 12.5 per cent over the same period, which gives the government more room to fund public investment without resorting to deficit monetisation.

The meeting also brainstormed on how Nigeria can make greater use of World Bank guarantee instruments, expected 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 participants harped on the quality of public spending, enabling each naira to deliver measurable economic and social returns.

The meeting is part of the Federal Government's wider engagement with development partners to harness reform gains and attract new investment.

It attracted finance ministers, central bank governors, development partners and other global economic decision makers to discuss global economic developments, financing priorities and strategies for sustainable growth.

For Nigeria, the meeting is part of ongoing efforts to strengthen macroeconomic stability, attract investment, ensure that economic reforms are translated into productive activities, expand business opportunities and jobs.

Oyedele’s participation provides an opportunity for Nigeria to engage with international financial institutions and development partners on issues relevant to the country’s economic priorities and its place in the global economy.

As Nigeria moves from stability to growth, the priority is to turn stronger fundamentals into productive investment, more jobs and better living standards for Nigerians.



 

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