Bangkok:The World Bank Group President, Ajay Banga, has praised Nigeria for a significant increase in private capital inflows, which have reached nearly six billion dollars in 2026, up from 300 million dollars in 2023.
According to News Agency of Nigeria, this commendation was given during a meeting with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, and the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso. The meeting took place on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok.
Discussions during the meeting focused on ways Nigeria could utilize World Bank guarantee instruments to unlock infrastructure financing and further attract private capital. The World Bank President also acknowledged Nigeria’s reform progress, which aims to convert macroeconomic stability into faster economic growth, increased private investments, and stronger domestic revenue generation.
Minister Oyedele highlighted the country’s economic growth and noted an increase in Nigeria’s tax-to-GDP ratio from about seven percent to 12.5 percent. This improvement, he explained, enhances the government’s ability to finance public investments without relying on deficit monetization.
Power infrastructure and human capital development were identified by Oyedele as priority areas needing sustained public investment to boost business competitiveness, productivity, and job creation. He emphasized that this engagement is part of the Federal Government’s broader strategy to consolidate reform gains and attract new investments through partnerships with development institutions. The ultimate aim is to translate Nigeria’s improved economic fundamentals into productive investments, employment opportunities, and better living standards for the population.
Participants at the meeting also stressed the importance of enhancing public spending efficiency to ensure that government expenditures result in measurable economic and social benefits.