By Hussein J-Isah
The Federal Government, through the nation’s Minister of Finance, Mr. Wale Edun, has informed the World Bank of its desire to reduce Nigeria’s dependence on external debt financing
The move is in an attempt to explore alternative funding sources beyond traditional multilateral loans.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, stated this during a meeting with the World Bank Executive Director, Dr. Zainab Shamsuna Ahmed, according to a report by The Nation.
Mr. Wale Edun restated the fact that the government’s focus on fostering a business-friendly environment that attracts sustainable investments and drives private sector-led growth.
On his part, Dr. Ahmed, Nigeria’s immediate past Minister of Finance, commended the country’s macroeconomic reforms, saying it will help enhance investors confidence. She added that the recent financial reforms at the World Bank had helped to expand its lending capacity, making an additional $150 billion available over the next decade.
In his response to this, Mr. Wale Edun assured the World Bank that President Bola Tinubu remains focused on strengthening Nigeria’s economic foundation, reducing reliance on external borrowing, and promoting long-term economic growth through private sector investments.
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