Nigeria’s Federal Government has announced plans to increase investment in the economy, rely more on domestic resources, and reduce its dependence on borrowing. Minister of Finance Wale Edun made this statement during an interview on Bloomberg Television at the 56th World Economic Forum in Davos, Switzerland.
Edun’s remarks come as Nigeria implements fiscal reforms aimed at strengthening its economy. The minister emphasized the need to focus on revenue generation, highlighting the government’s efforts to raise tax revenue and strengthen fiscal sustainability amid mounting global economic pressures. He also outlined strategies aimed at reducing borrowing while expanding revenue generation.
According to Edun, the government’s priority is to mobilize its own resources, although it can access international bond markets if necessary. “The issue now is to focus on revenue, focus on domestic resource mobilization,” he said. “We’re hoping to rely less on borrowing,” he added. The minister noted that Nigeria remains open to international capital markets if needed, but domestic reforms are central to the government’s fiscal policy.
Since taking office in 2023, President Bola Tinubu’s administration has introduced several economic reforms to drive growth and stabilize public finances. These measures include removing currency restrictions, ending a costly fuel subsidy, and overhauling the nation’s tax framework. The government aims to raise revenue to 18% of GDP next year, up from roughly 14% currently.
The International Monetary Fund has upgraded Nigeria’s growth forecast to 4.4% for 2026, up from an estimated 4.2% in 2025, indicating that the country’s reforms are showing early signs of progress. The IMF’s projections come despite weaker oil prices, Nigeria’s top export and major foreign-exchange earner. The government’s policies target long-term economic sustainability while reducing reliance on external debt, which is part of broader efforts to modernize Nigeria’s economy and strengthen investor confidence.
At the World Economic Forum, Edun will address investor concerns around policy consistency, inflation, foreign exchange stability, and fiscal sustainability. The Federal Government will also debut its first-ever official national pavilion, Nigeria House Davos, at the Forum, showcasing the country’s efforts to strengthen its economic foundations and attract international investment. With its economic reforms and commitment to domestic resource mobilization, Nigeria is taking steps towards reducing its debt dependence and achieving long-term economic growth.
