OYEDELE AND CARDOSO MEET WORLD BANK PRESIDENT BANGA ON NIGERIA’S SHIFT FROM STABILITY TO GROWTH
By Pan Afric Reporters
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, have met with World Bank Group President, Ajay Banga, to discuss the country’s economic reform progress and strategies for translating macroeconomic stability into faster growth, increased private investment and stronger domestic revenue.
The Federal Ministry of Finance disclosed this in a press release dated October 12, 2026, issued by Efe Ovuakporie, Head of Media, following the meeting held on the sidelines of the 2026 International Monetary Fund (IMF) and World Bank Group Annual Meetings in Bangkok, Thailand.
During the meeting, Banga commended Nigeria’s reform progress, highlighting the significant increase in private capital inflows from approximately $300 million in 2023 to nearly $6 billion in 2026, representing a twentyfold rise.
Oyedele, in turn, highlighted Nigeria’s improving economic growth and the increase in the country’s tax-to-Gross Domestic Product (GDP) ratio from about seven per cent to 12.5 per cent over the same period.
According to the minister, the improvement in tax revenue mobilisation provides the government with greater capacity to finance public investment without resorting to deficit monetisation.
The discussions also focused on expanding Nigeria’s access to World Bank guarantee instruments, which could help unlock financing for infrastructure projects and attract additional private capital into the domestic economy.
Power infrastructure and human capital development were identified as priority areas for sustained public investment, given their importance to business competitiveness, productivity and job creation.
The meeting also emphasised the need to improve the quality of public expenditure, ensuring that government spending delivers measurable economic and social benefits.
The ministry said the engagement forms part of the Federal Government’s broader consultations with development partners to consolidate economic reform gains and attract new investment.
It added that Nigeria’s priority as it transitions from economic stability to growth is to translate stronger economic fundamentals into productive investment, increased employment opportunities and improved living standards for citizens.
