Nigeria’s Finance Minister, Taiwo Oyedele, and Central Bank Governor, Olayemi Cardoso, have met with World Bank Group President Ajay Banga to discuss how the country can translate its economic reforms into stronger growth, increased investment and improved public revenue.
The meeting was disclosed in a statement by Efe Ovuakporie, Head of Media at the Federal Ministry of Finance, following the engagement on Monday, October 12, 2026, on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
Key Highlights
- World Bank backs reform progress: Ajay Banga reportedly commended Nigeria’s economic reform efforts.
- Private capital inflows rise: The meeting cited an increase from about $300 million in 2023 to nearly $6 billion in 2026.
- Tax-to-GDP ratio improves: Taiwo Oyedele said the ratio rose from approximately 7 per cent to 12.5 per cent.
- Infrastructure financing: Nigeria explored World Bank guarantee instruments to attract private investment.
- Power and human capital: Both featured in discussions on productivity, competitiveness and job creation.
- Focus shifts to growth: The government aims to turn economic stabilisation into investment, employment and improved living standards.
Oyedele, Cardoso Discuss Nigeria’s Economic Reforms With World Bank
Oyedele led Nigeria’s delegation to the international meetings, where discussions focused on the country’s progress in implementing economic reforms and the steps needed to sustain the gains.
During the engagement, Banga reportedly commended Nigeria’s reform efforts, pointing to a significant increase in private capital inflows.
According to the figures cited at the meeting, private capital inflows rose from about $300 million in 2023 to nearly $6 billion in 2026, representing an approximately 20-fold increase.
The reported growth suggests increased investor participation in the Nigerian economy, although sustaining the trend will depend on investor confidence, policy consistency and the broader business environment.
Nigeria’s Tax-to-GDP Ratio Rises to 12.5%
Oyedele also highlighted improvements in Nigeria’s revenue performance, stating that the country’s tax-to-GDP ratio had increased from about 7 per cent to 12.5 per cent.
The ratio measures tax revenue collected by the government as a proportion of the country’s gross domestic product. An increase can strengthen the government’s capacity to finance public services and infrastructure through revenue rather than borrowing.
Oyedele said the improvement would give the government greater capacity to fund public investment without relying on deficit monetisation, which involves financing government deficits through the creation of money.
However, translating higher revenue into improved public services will also depend on effective expenditure management, transparency and the efficient allocation of public funds.
World Bank Guarantees Considered for Infrastructure Investment
The meeting also examined how Nigeria could use World Bank guarantee instruments to attract additional financing for infrastructure projects and encourage private-sector investment.
Guarantees can help reduce certain risks faced by investors and lenders, making projects more attractive to private financiers. Such instruments are particularly relevant to infrastructure developments that require substantial long-term capital.
For Nigeria, attracting more private investment could help address financing gaps in critical sectors while reducing pressure on public resources.
The discussions formed part of broader efforts to strengthen cooperation between the Federal Government and international development partners in support of the country’s economic reform programme.
Read also:
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Power, Human Capital Identified as Growth Priorities
Power infrastructure and human capital development featured prominently during the engagement, with both identified as important to improving business competitiveness, raising productivity and creating jobs.
Reliable electricity remains a key consideration for businesses seeking to control operating costs, expand production and compete effectively. Improvements in power infrastructure could also support industrial development and encourage investment across different sectors.
Human capital development, including education, skills acquisition and workforce training, is equally important to ensuring that businesses can access the skilled workers needed to expand and adopt new technologies.
The discussions also highlighted the importance of improving the quality of public expenditure so that government spending produces measurable economic and social benefits.
Nigeria Seeks to Move From Economic Stability to Growth
The meeting comes as the Federal Government seeks to move beyond macroeconomic stabilisation and accelerate economic growth.
The government’s stated objective is to convert improvements in economic indicators into productive investment, employment opportunities and better living standards for Nigerians.
Achieving that goal will require sustained investment, stronger infrastructure, effective revenue mobilisation and public spending that delivers tangible results.
Engagements with the World Bank and other international development partners are expected to remain part of Nigeria’s efforts to attract financing, support reforms and strengthen the foundations for long-term growth.
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