FG CALLS FOR BOLD REFORMS AND STRATEGIC INVESTMENTS TO DRIVE ECONOMIC GROWTH
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The Federal Government has urged for significant reforms and more strategic investments to tackle the current economic challenges.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this appeal at the Islamic Development Bank (IsDB) Governors’ Retreat in Al-Madinah, Saudi Arabia.
A press release from the ministry’s Director of Information and Public Relations, Mohammed Manga, stated that the minister highlighted the importance of the IsDB revisiting its approach to development financing given the current economic conditions.
“He called for transformative, high-impact projects in infrastructure, agriculture, rail, and energy, urging the bank to focus on investments with strong returns to ensure sustainable financing.
“Edun also highlighted the importance of innovative funding solutions tailored to national priorities and debt dynamics, stressing the urgent need for a concessional financing strategy that balances development goals with minimal debt accumulation,” the statement read.
The minister also emphasized the importance of strong monitoring systems to evaluate the actual impact of the bank’s initiatives, underscoring Nigeria’s dedication to improving the IsDB’s effectiveness for its member states.
The retreat offered a forum for governors to share their perspectives and feedback on the IsDB’s 10-year strategy (2026–2035), which seeks to tackle significant development challenges in an increasingly dynamic global environment.
“As the IsDB embarks on its new 10-year strategy, Edun’s advocacy for innovative financing, bold reforms, and robust monitoring underscores Nigeria’s dedication to driving transformative change and sustainable development in the region.
“The collaborative efforts of the IsDB and its member states will be essential in achieving this vision and creating a brighter future for generations to come,” the statement concluded.
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