…As Private Capital Inflows Surges Twentyfold In 3 Years
The World Bank Group President, Ajay Banga, has lauded the Nigerian government on the achievements recorded in its sundry fiscal and monetary policies, especially in terms of the sustained growth in private capital inflows from about $300 million in 2023 to nearly $6 billion in 2026, representing a twentyfold increase in just over three years.
The banker gave the commendation when he met with the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, today on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
A statement issued by the Head of Media Unit of the Federal Ministry of Finance, Efe Ovuakporie, indicated that during the meeting, Nigeria’s reform progress and the next phase of its agenda – turning macroeconomic stability into faster growth, more private investment and stronger domestic revenues – was reviewed.
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According to her, Oyedele, who led the Nigerian delegation to the IMF/World Bank meetings highlighted the rising economic growth and noted that Nigeria’s tax-to-GDP ratio rose from about 7 per cent to 12.5 per cent over the same period, thereby giving the government more room to fund public investment without resorting to deficit monetisation.
In addition, the meeting discussed how Nigeria can make greater use of World Bank guarantee instruments with a view to unlocking financing for infrastructure and draw more private capital into the domestic market.
Ovuakporie further stated that during the meeting, power infrastructure and human capital were identified as priorities for continued public investment, given their importance to business competitiveness, productivity and job creation, just as the discussants stressed the quality of public spending, so that each naira delivers measurable economic and social returns.
She clarified that the meeting was part of the Federal Government’s wider engagement with development partners to lock in reform gains and attract new investment, adding that “as Nigeria moves from stability to growth, the priority is to turn stronger fundamentals into productive investment, more jobs and better living standards for Nigerians.”
