Nigeria will Cut Down external borrowing, Edun tells World Bank

The Federal Government has informed the World Bank of its desire to reduce Nigeria’s dependence on external debt financing

This is part of a broader strategy to explore alternative funding sources beyond traditional multilateral loans.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this disclosure during a meeting with the World Bank Executive Director, Dr. Zainab Shamsuna Ahmed.

One of the key topics discussed was Nigeria’s role in Mission 300, the World Bank’s initiative aimed at providing electricity access to 300 million Africans. Edun insisted on Nigeria’s commitment to the programme, stressing that improved power infrastructure is crucial for economic growth, industrial expansion, and enhancing private sector competitiveness.

The Minister assured the World Bank that President Bola Tinubu remains focused on strengthening Nigeria’s economic foundation, reducing reliance on external borrowing, and promoting long-term economic growth through private sector investments.