Oyedele, Cardoso Meet World Bank President, Seek More Investment in Nigeria
Oru Leonard
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, have met with the President of the World Bank Group, Ajay Banga, to discuss strategies for translating the country’s economic reforms into faster growth, increased investment and job creation.
The meeting took place on Monday, October 12, on the sidelines of the 2026 International Monetary Fund (IMF) and World Bank Group Annual Meetings in Bangkok, Thailand, where Oyedele is leading Nigeria’s delegation.
According to a statement by the Federal Ministry of Finance, the discussions focused on Nigeria’s progress in implementing economic reforms and the next phase of the government’s agenda to consolidate macroeconomic stability and stimulate sustainable economic growth.
Banga reportedly 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, representing a twentyfold rise.
Oyedele also highlighted improvements in the country’s economic growth and revenue generation, noting that Nigeria’s tax-to-gross domestic product (GDP) ratio had increased from about seven per cent to 12.5 per cent over the same period.
He explained that the improvement in domestic revenue mobilisation would provide the government with greater capacity to finance public investments without relying on deficit monetisation.
The meeting also explored opportunities for Nigeria to leverage the World Bank’s guarantee instruments to unlock financing for critical infrastructure and attract additional private capital into the economy.
Participants identified power infrastructure and human capital development as key areas requiring sustained public investment, stressing their importance to business competitiveness, productivity and employment generation.
They also emphasised the need to improve the quality of public expenditure to ensure that government spending delivers measurable economic and social benefits to Nigerians.
The ministry said the engagement formed part of the Federal Government’s broader efforts to strengthen partnerships with international development institutions, consolidate reform gains and attract fresh investments.
It added that Nigeria’s immediate priority was to translate improved macroeconomic fundamentals into productive investments, increased employment opportunities and better living standards for citizens.
The statement was signed by Efe Ovuakporie, Head of Media, Federal Ministry of Finance, and dated October 12, 2026.
