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 the President of the World Bank Group, Ajay Banga, to discuss strategies for translating the country’s economic reforms into faster growth, increased investment and job creation.
The meeting took place on Monday on the sidelines of the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Bangkok, Thailand, where Oyedele is leading Nigeria’s delegation.
According to a statement issued by the Federal Ministry of Finance on Monday, the discussions focused on Nigeria’s reform progress and the next phase of its economic agenda, with emphasis on sustaining macroeconomic stability and accelerating growth.
Banga reportedly commended Nigeria’s reform efforts, highlighting the significant increase in private capital inflows from approximately $300 million in 2023 to nearly $6 billion in 2026.
The ministry described the development as a twentyfold increase, reflecting improved investor confidence in the Nigerian economy.
Oyedele, in his remarks, highlighted the country’s rising economic growth and improvement in revenue generation, noting that Nigeria’s tax-to-Gross Domestic Product (GDP) ratio increased from about seven per cent to 12.5 per cent over the same period.
He said the improvement had expanded the government’s 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 financing for critical infrastructure and attract additional private capital into the domestic economy.
Participants identified power infrastructure and human capital development as key priorities for sustained public investment, given their importance to business competitiveness, productivity and employment generation.
The discussions further underscored the need to improve the quality of public expenditure to ensure that government spending delivers measurable economic and social benefits.
The ministry said the engagement formed part of the Federal Government’s broader efforts to strengthen partnerships with development institutions, consolidate economic reform gains and attract fresh investments.
It added that Nigeria’s next priority was to translate improved macroeconomic fundamentals into productive investments, more employment opportunities and better living standards for citizens.
The statement was signed by Efe Ovuakporie, Head of Media at the Federal Ministry of Finance, and dated October 12, 2026
