Oyedele, Cardoso Meet World Bank Chief On Nigeria’s Shift From Stability To Growth

Nigeria’s Finance Minister, Taiwo Oyedele, and Central Bank Governor, Olayemi Cardoso, have met World Bank Group President Ajay Banga to discuss the country’s economic reforms and strategies for accelerating growth, investment and job creation….

Nigeria’s Finance Minister, Taiwo Oyedele, and Central Bank Governor, Olayemi Cardoso, have met World Bank Group President Ajay Banga to discuss the country’s economic reforms and strategies for accelerating growth, investment and job creation.

The meeting took place on Monday on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand, where Oyedele is leading Nigeria’s delegation.

According to a statement by the Federal Ministry of Finance, the discussions focused on translating recent macroeconomic stability gains into faster economic growth, increased private investment and stronger domestic revenue generation.

Banga commended Nigeria’s reform progress, highlighting the increase in private capital inflows from about $300 million in 2023 to nearly $6 billion in 2026, representing a twentyfold rise.

Oyedele also highlighted the country’s economic growth and improvement in revenue mobilisation, noting that Nigeria’s tax-to-GDP ratio had increased from about seven per cent to 12.5 per cent over the same period.

The minister said the improvement provides the government with greater capacity to finance public investment without relying on deficit monetisation.

The meeting also explored opportunities for Nigeria to leverage World Bank guarantee instruments to unlock infrastructure financing and attract more private capital into the domestic economy.

Power infrastructure and human capital development were identified as key priorities for sustained public investment, given their importance to business competitiveness, productivity and employment generation.

The participants 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 formed part of the Federal Government’s broader efforts to consolidate reform gains, strengthen partnerships with development institutions and attract fresh investment.

It added that Nigeria’s next priority was to translate improved economic fundamentals into productive investment, more jobs and better living standards for citizens.

The statement was signed by Efe Ovuakporie, Head of Media at the Federal Ministry of Finance, on Monday, 12 October 2026.

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