The Nigerian government has begun discussions with the World Bank Group to secure additional funding for infrastructure development, particularly in the power sector. This initiative aims to translate recent economic reforms into greater investment, job creation, and sustainable growth.
The talks focused on expanding Nigeria’s access to World Bank guarantee instruments, which could attract private capital to vital infrastructure projects and alleviate pressure on public finances. The meeting involved the Minister of Finance, Taiwo Oyedele; the Governor of the Central Bank of Nigeria, Olayemi Cardoso; and the President of the World Bank Group, Ajay Banga, and took place during the 2026 International Monetary Fund and World Bank Group Annual Meetings in Bangkok.
The Federal Ministry of Finance’s Head of Media, Efe Ovuakporie, stated that the meeting explored ways for Nigeria to utilise World Bank guarantees to enhance infrastructure financing and attract more private investment.
While the ministry did not reveal the amount of funding sought or specific projects, the engagement is part of Nigeria’s broader strategy to shift from macroeconomic stabilisation towards robust economic growth, increased private investment, and improved domestic revenue generation.
Banga praised Nigeria’s economic reform efforts, especially the rise in private capital inflows over the past three years. Oyedele noted significant improvements in Nigeria’s economic performance and revenue collection, with the tax-to-Gross Domestic Product (GDP) ratio climbing from approximately 7% in 2023 to 12.5% in 2026.
This increase in the tax ratio will enhance fiscal capacity for infrastructure development while reducing dependence on central bank financing. The discussions also emphasised the government’s need to manage public spending effectively to ensure economic benefits.
The ministry confirmed that efforts to engage with international development partners would persist as Nigeria aims to solidify reform achievements and attract further investment.
