The Federal Government has opened discussions with the World Bank Group on securing additional financing support for infrastructure development, particularly in the power sector, as Nigeria seeks to translate recent economic reforms into increased investment, job creation and sustainable growth.
The discussions centred on expanding Nigeria’s access to World Bank guarantee instruments to attract private capital into critical infrastructure projects while reducing pressure on public finances.
This was disclosed in a statement issued on Monday by the Head of Media at the Federal Ministry of Finance, Efe Ovuakporie, following a meeting between the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; the Governor of the Central Bank of Nigeria, Olayemi Cardoso; and the President of the World Bank Group, Ajay Banga.
The meeting took place on the sidelines of the 2026 International Monetary Fund and World Bank Group Annual Meetings in Bangkok, Thailand, where Oyedele is leading Nigeria’s delegation.
“The meeting discussed how Nigeria can make greater use of World Bank guarantee instruments. These guarantees can unlock financing for infrastructure and draw more private capital into the domestic market,” the statement read.
The proposed arrangement could enable the government to mobilise additional funding for infrastructure projects by using World Bank guarantees to reduce investment risks and encourage private sector participation.
However, the ministry did not disclose the amount of financing being sought, the specific projects under consideration or a timeline for securing the proposed guarantees.
The statement explained that the engagement formed part of Nigeria’s broader strategy to move beyond macroeconomic stabilisation towards stronger economic growth, increased private investment and improved domestic revenue generation.
It stated, “The meeting reviewed Nigeria’s reform progress and the next phase of its agenda: turning macroeconomic stability into faster growth, more private investment and stronger domestic revenues.”
During the discussions, Banga reportedly commended Nigeria’s economic reform efforts, particularly the significant increase in private capital inflows over the past three years.
Oyedele also highlighted improvements in Nigeria’s economic performance and revenue mobilisation, noting that the country’s tax-to-Gross Domestic Product ratio had increased substantially.
The ministry disclosed that the ratio rose from approximately seven per cent in 2023 to 12.5 per cent in 2026, reflecting efforts to strengthen tax collection and expand government revenue.
It explained that the improvement would provide additional fiscal capacity for infrastructure development without excessive reliance on central bank financing of government deficits.
The statement noted that the higher tax ratio “gives the government more room to fund public investment without resorting to deficit monetisation.”
Beyond infrastructure financing, the discussions identified electricity supply and human capital development as major priorities for government investment.
Both areas were considered critical to improving business competitiveness, raising productivity and creating employment opportunities.
The meeting also emphasised the need to strengthen public expenditure management and ensure that government investments produce measurable economic benefits.
According to the statement, “The meeting also stressed the quality of public spending, so that each naira delivers measurable economic and social returns.”
The ministry maintained that Nigeria’s engagement with international development partners would continue as the government sought to consolidate reform gains and attract additional investment.
“As Nigeria moves from stability to growth, the priority is to turn stronger fundamentals into productive investment, more jobs and better living standards for Nigerians,” the statement added.