Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, have met with World Bank Group President, Ajay Banga, to discuss strategies for translating the country’s macroeconomic stability into faster economic growth, increased private investment and job creation. The meeting was held on Monday in Bangkok, Thailand, on the sidelines of the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, where Oyedele is leading Nigeria’s delegation, according to statement issued by Head of information and press unit at finance ministry Mrs Efe Ovuakporie Oyedele, in his remarks, highlighted Nigeria’s improving economic growth and disclosed that the country’s tax-to-GDP ratio had increased from about seven per cent to 12.5 per cent over the same period.
He said the improvement in revenue mobilisation had expanded the government’s capacity to finance public investment without resorting to deficit monetisation. The meeting also explored opportunities for Nigeria to leverage World Bank guarantee instruments to unlock financing for infrastructure development and attract additional private capital into the domestic economy. Power infrastructure and human capital development were identified as critical areas requiring sustained public investment, given their implications for business competitiveness, productivity and job creation.
The participants also emphasised the need to improve the quality of public expenditure to ensure that government spending delivers measurable economic and social benefits. The engagement forms part of the Federal Government’s broader efforts to strengthen partnerships with development institutions, consolidate the gains of ongoing economic reforms and attract fresh investment into the country.
As Nigeria shifts its focus from stabilisation to accelerated growth, the government is seeking to translate improved macroeconomic fundamentals into productive investments, more employment opportunities and better living standards for citizens.
