Oyedele, Cardoso Meet World Bank President Banga, Seek Investment to Boost Nigeria’s Growth
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Central Bank of Nigeria Governor, Olayemi Cardoso, have met with World Bank Group President Ajay Banga to discuss the country’s economic reforms and strategies for accelerating growth.
The meeting took place on Monday, October 12, 2026, on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand. Oyedele is leading Nigeria’s delegation at the international gathering.
Discussions focused on Nigeria’s progress in implementing economic reforms and the need to translate improved macroeconomic stability into faster economic growth, increased private investment and stronger domestic revenue generation.
During the meeting, Banga 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.
Oyedele also highlighted improvements in the country’s economic performance, noting that Nigeria’s tax-to-GDP ratio had increased from about seven per cent to 12.5 per cent over the same period.
According to the minister, the improvement provides the government with greater capacity to finance public investment without relying on deficit monetisation.
The meeting also explored opportunities for Nigeria to utilise World Bank guarantee instruments to attract additional financing for infrastructure projects and encourage more private capital investment in the domestic economy.
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 participants also emphasised the need to improve the quality of public expenditure to ensure that government spending delivers measurable economic and social benefits.
The engagement forms part of the Federal Government’s broader efforts to strengthen partnerships with development institutions, sustain economic reforms and attract fresh investment.
As Nigeria transitions from economic stability to accelerated growth, the government says its priority is to convert improved economic fundamentals into productive investments, job opportunities and better living standards for citizens.
