By Oluwakemi Kindness
The Federal Government and the World Bank Group have stressed the need for public spending to deliver measurable economic and social benefits, identifying power infrastructure and human capital as investment priorities.
The position followed a meeting between Finance Minister Taiwo Oyedele, Central Bank of Nigeria Governor Olayemi Cardoso and World Bank Group President Ajay Banga in Bangkok, Thailand, on Monday.
According to a statement by the Federal Ministry of Finance, the meeting focuses on turning Nigeria’s economic reforms into faster growth, increased private investment and stronger domestic revenue.
The officials emphasised the need to ensure that every naira spent by the government delivers measurable results.
They identified power infrastructure and human capital development as priorities because of their impact on productivity, business competitiveness and job creation.
The meeting also explored how Nigeria could use World Bank guarantees to unlock infrastructure financing and attract more private investment.
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.
Oyedele said Nigeria’s tax-to-GDP ratio had also risen from about seven per cent to 12.5 per cent over the same period.
He said the increase gives the government more room to fund public investment without relying on deficit monetisation.
The meeting took place on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, where Oyedele is leading Nigeria’s delegation.
The ministry said the engagement forms part of the government’s efforts to consolidate reform gains, attract investment and translate economic progress into jobs and improved living standards.
