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 World Bank Group President, Ajay Banga, to discuss strategies for translating the country’s economic reforms into faster growth, increased investment and improved living standards.
The meeting took place on Monday October 12, 2026 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.
During the meeting, Banga commended the progress of Nigeria’s economic reforms, highlighting a significant increase in private capital inflows from approximately $300 million in 2023 to nearly $6 billion in 2026.
The increase represented a twentyfold rise in private capital inflows, signalling growing investment activity amid the government’s efforts to stabilise the economy and strengthen investor confidence.
Oyedele also highlighted improvements in economic growth and domestic revenue mobilisation, noting that Nigeria’s tax-to-gross domestic product (GDP) ratio had risen from about seven per cent to 12.5 per cent over the same period.
According to the minister, the improvement in tax revenue provides the government with greater capacity to finance public investment without resorting to deficit monetisation.
The discussions also focused on expanding the use of World Bank guarantee instruments to unlock financing for infrastructure development and attract additional private capital into the Nigerian economy.
Power infrastructure and human capital development were identified as priority areas requiring sustained public investment, given their importance to business competitiveness, productivity and employment generation.
The meeting further underscored the need to improve the quality of public spending to ensure that government expenditure delivers measurable economic and social benefits.
The engagement forms part of the Federal Government’s broader efforts to strengthen partnerships with international development institutions, consolidate economic reform gains and mobilise investment to support sustainable growth.
As Nigeria moves from macroeconomic stabilisation towards accelerated growth, the government is seeking to translate improved economic fundamentals into productive investments, more employment opportunities and better living standards for citizens.