World Bank President Commends Nigeria’s Reforms as Private Capital Inflows Near $6bn …Meets Oyedele, Cardoso

World Bank President Commends Nigeria’s Reforms as Private Capital Inflows Near $6bn

…Meets Oyedele, Cardoso

By Our Finance Correspondent

Bangkok (Core Reporters) The President of the World Bank Group, Ajay Banga, has commended Nigeria’s economic reforms, highlighting a surge in private capital inflows from about $300 million in 2023 to nearly $6 billion in 2026.

Banga gave the commendation on Monday during a meeting with the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.

The meeting reviewed Nigeria’s progress in implementing economic reforms and explored strategies to translate improved macroeconomic stability into faster economic growth, increased private investment and stronger domestic revenue generation.

Oyedele, who is leading Nigeria’s delegation to the annual meetings, highlighted the country’s rising economic growth and improvement in tax revenue mobilisation, noting that Nigeria’s tax-to-GDP ratio increased from about seven per cent to 12.5 per cent over the period.

He said the improvement had expanded the government’s capacity to finance public investment without resorting to deficit monetisation.

The discussions also focused on ways Nigeria could leverage the World Bank’s guarantee instruments to unlock financing for critical infrastructure projects and attract more 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 further emphasised the need to improve the quality of public expenditure to ensure that government spending delivers measurable economic and social benefits.

Banga’s commendation comes as the Federal Government intensifies engagement with development partners to consolidate the gains of its economic reforms and attract additional investment into the country.

The government’s focus, according to the Finance Ministry, is to translate improved economic fundamentals into productive investment, expanded employment opportunities and better living standards for Nigerians.

The meeting forms part of Nigeria’s broader engagement with international financial institutions and development partners during the 2026 IMF and World Bank Group Annual Meetings.