The World Bank Group President, Ajay Banga, has commended Nigeria’s private capital inflows which has risen to nearly six billion dollars in 2026 from 300 million dollars in 2023.
Banga gave the commendation during a meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, and the Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso on Monday in Bangkok.
The meeting was held on the sidelines of the 2026 IMF and World Bank Group Annual Meetings.
It also explored ways Nigeria could leverage World Bank guarantee instruments to unlock infrastructure financing and attract more private capital into the domestic economy.
The world bank president commended Nigeria’s reform progress, as discussions focused on translating macroeconomic stability into faster economic growth, increased private investment and stronger domestic revenue generation.
Oyedele 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.
He said that the improvement provided the government with greater capacity to finance public investment without resorting to deficit monetisation.
The minister identified power infrastructure and human capital development as priority areas requiring sustained public investment to improve business competitiveness, productivity and job creation.
He said that the engagement formed part of the Federal Government’s broader efforts to consolidate reform gains and attract fresh investments through partnerships with development institutions.
He said that the country’s priority was to translate improved economic fundamentals into productive investments, employment opportunities and better living standards for citizens.
The participants also emphasised the need to improve public spending efficiency to ensure that government expenditure delivered measurable economic and social benefits. (NAN)
