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FG Partners World Bank to Promote Private Sector-Driven Growth

Nigeria’s Federal Government has reaffirmed its dedication to private sector-driven growth and sustainable development by forging strategic partnerships with international institutions like the World Bank.

The collaboration aims to bolster the nation’s economic resilience and decrease reliance on external debt financing.

During a meeting with World Bank Executive Director Dr. Zainab Shamsuna Ahmed, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, stressed the importance of fostering a business-friendly environment that attracts sustainable investments.

This approach is part of a broader strategy to leverage alternative financing sources beyond traditional multilateral loans.

Dr. Ahmed, who previously served as Nigeria’s Minister of Finance, praised the country’s macroeconomic reforms for improving fiscal stability and boosting investor confidence.

She also highlighted the World Bank’s recent financial reforms, which have enhanced its lending capacity by $150 billion over the next decade.

A key discussion point was Nigeria’s role in Mission 300, a World Bank initiative to provide electricity access to 300 million Africans.

Edun emphasized Nigeria’s commitment to the program, emphasizing that improved power infrastructure is critical for economic growth, industrial expansion, and private sector competitiveness.

The meeting, which included Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, and Permanent Secretary for Special Duties, Mr. Raymond Omenka Omachi, underscored the government’s dedication to driving economic progress through collaboration with global partners like the World Bank.

The Minister emphasised further that President Tinubu remains focused on strengthening Nigeria’s economic foundation, reducing dependency on external borrowing, and ensuring long-term, private-sector-led development.

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