…Oyedele, Cardoso discuss infrastructure financing, tax revenue and shift from economic stability to faster growth
By Gloria Ikibah 
The World Bank Group President, Ajay Banga has commended Nigeria’s economic reforms, highlighting a sharp increase 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, Prof. Taiwo Oyedele, and the Governor of the Central Bank of Nigeria, Olayemi Cardoso, on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
The meeting reviewed Nigeria’s reform progress and explored ways to translate improved macroeconomic stability into faster economic growth, increased private investment and stronger domestic revenue generation.
The discussions focused on the next phase of Nigeria’s economic agenda, particularly how to convert recent gains into productive investment, job creation and improved living standards.
The ministry described the rise in private capital inflows as a significant development, with the figures representing an increase of about 20 times between 2023 and 2026.
Oyedele also highlighted improvements in economic growth and tax collection, noting that Nigeria’s tax-to-gross domestic product ratio had risen from about seven per cent to 12.5 per cent over the same period.
According to the minister, the increase gives the government greater capacity to finance public investment without resorting to deficit monetisation.
The meeting also examined opportunities for Nigeria to make greater use of World Bank guarantee instruments to unlock financing for infrastructure projects and attract additional private capital into the domestic economy.
Such guarantees can help reduce investment risks and encourage private investors to participate in projects that might otherwise struggle to secure financing.
Power infrastructure and human capital development were identified as key priorities for continued public investment, given their importance to business competitiveness, productivity and employment generation.
The discussions also emphasised the need to improve the quality of public expenditure to ensure that government spending delivers measurable economic and social benefits.
The meeting formed part of the Federal Government’s broader engagement with development partners to consolidate reform gains and attract fresh investment.
Nigeria’s participation in the annual meetings comes as the government seeks to move beyond restoring macroeconomic stability towards building stronger economic growth and expanding opportunities for businesses and citizens.
The priority was to ensure that stronger economic fundamentals translated into productive investment, more jobs and better living standards for Nigerians.
