By Faith Anisiobi, The Sight News
The President of the World Bank Group, Ajay Banga, has commended Nigeria’s economic reforms, highlighting an increase in private capital inflows from about $300 million in 2023 to nearly $6 billion in 2026.
Banga gave the commendation 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, Olayemi Cardoso, on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand, on Monday.
According to a statement by Efe Ovuakporie, Head of Media at the Federal Ministry of Finance, the meeting reviewed Nigeria’s reform progress and strategies to translate macroeconomic stability into faster economic growth, increased private investment and stronger domestic revenue generation.
Oyedele highlighted Nigeria’s rising economic growth and disclosed that the country’s tax-to-GDP ratio had 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 resorting to deficit monetization.
The meeting also explored ways to leverage World Bank guarantee instruments to unlock financing for infrastructure projects and attract more private capital into Nigeria’s domestic market.
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 officials also emphasized the need to improve the quality of public spending to ensure that government expenditure delivers measurable economic and social benefits.
The ministry said the engagement formed part of the Federal Government’s broader efforts to consolidate reform gains, attract new investments and translate improved economic fundamentals into more jobs and better living standards for Nigerians.
The meeting was held on October 12, 2026, in Bangkok, where Oyedele is leading Nigeria’s delegation to the annual meetings.
