The Federal Government of Nigeria has called for bold reforms and smarter investments to address current economic realities.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this call on Monday during the Islamic Development Bank, IsDB, Governors’ Retreat held in Al-Madinah, Saudi Arabia.
In a statement by the ministry’s Director of Information and Public Relations, Mohammed Manga, Edun’s remarks were part of the bank’s ongoing efforts to gather input and build consensus on its upcoming 10-year strategy to achieve greater developmental impact.
The minister stressed the need for the IsDB to rethink its approach to development financing in response to current economic realities.
Edun called for transformative, high-impact projects in infrastructure, agriculture, rail, and energy, urging the bank to focus on investments with strong returns to ensure sustainable financing.
The minister also underscored the significance of innovative funding solutions tailored to national priorities and debt dynamics, stressing the urgent need for a concessional financing strategy that balances development goals with minimal debt accumulation.
Media Talk Africa reports that the retreat also featured key contributions from Algeria’s Minister of Finance and Chairman of the Board of Governors, Laaziz Faid, and Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, who opened the discussions.
Responding to the bank’s call for input, Edun also stressed the need for robust monitoring systems to evaluate the real impact of the bank’s initiatives.
His remarks reflected Nigeria’s commitment to strengthening the IsDB’s role in delivering greater results for its member states.
