- As Oyedele warns against additional tax burden on vulnerable Nigerians
From Uche Usim, Bangkok, Thailand
Nigeria is seeking greater access to World Bank financing guarantees to attract private investments, improve infrastructure and accelerate economic growth.
This move is propelled by the need for the federal government to turn recent economic reforms into more jobs and better living conditions.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, made the push during a meeting with World Bank Group President, Ajay Banga, on the sidelines of the ongoing International Monetary Fund (IMF) and World Bank annual meetings in Bangkok, Thailand, yesterday.
This comes as Oyedele warned against additional tax burdens on vulnerable people and productive sectors of the economy at a time of global economic hiccups.
The finance minister spoke on Tuesday after a G-24 meeting on the sidelines of the 2026 IMF-World Bank Annual Meetings in Bangkok, Thailand.
Oyedele said global uncertainty and inflationary pressures make it the wrong time for governments to impose additional taxes on citizens.
Nonetheless, the meeting with the World Bank reviewed Nigeria’s economic reforms and the next phase of efforts to achieve faster growth, attract more private capital and increase government revenue.
Banga commended Nigeria’s reform progress, citing an increase in private capital inflows from about $300 million in 2023 to nearly $6 billion in 2026.
The ministry described the increase as a twentyfold rise, reflecting growing investment interest in the country.
Oyedele also highlighted improvements in economic growth and government revenue collection, 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.
The improvement, he said, gives the government greater capacity to fund public projects without relying on the creation of new money to cover budget shortfalls.
A major focus of the meeting was how Nigeria could make greater use of World Bank guarantee instruments to unlock financing for infrastructure projects and encourage more private investors to commit funds to the economy.
Such guarantees can reduce the risks investors face when financing projects, making it easier for governments and businesses to attract funding for major developments.
Power infrastructure and investment in human capital, including education, healthcare and skills development, were identified as priorities for public spending because of their importance to business competitiveness, productivity and job creation.
The meeting also stressed the need to ensure that public funds deliver measurable economic and social benefits.
The ministry said the engagement formed part of the Federal Government’s broader efforts to strengthen partnerships with international development institutions, sustain reform gains and attract fresh investment.
The government’s immediate challenge is to translate improvements in economic stability and investment inflows into productive businesses, employment opportunities and better living standards for Nigerians.
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