The Federal Government of Nigeria has called for transformative reforms and innovative investments to tackle pressing economic challenges.
Speaking at the Islamic Development Bank Governors’ Retreat in Al-Madinah, Saudi Arabia, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the need for a shift in development financing strategies.
In a statement released on Monday by the ministry’s Director of Information and Public Relations, Mohammed Manga, Edun highlighted the importance of focusing on high-impact projects across critical sectors, including infrastructure, agriculture, rail, and energy.
“The IsDB must prioritize transformative investments that offer strong returns and ensure sustainable financing. These efforts are essential for addressing the evolving economic realities faced by member nations,” Edun stated.
The minister also called for the adoption of innovative funding models that align with national priorities and consider debt sustainability.
He urged the IsDB to develop a concessional financing strategy that balances development objectives with minimal debt accumulation.
To ensure the effectiveness of the bank’s initiatives, Edun stressed the need for rigorous monitoring and evaluation mechanisms.
“Robust monitoring systems are crucial to assessing the real impact of the bank’s projects, reflecting Nigeria’s commitment to improving the IsDB’s outcomes for its member states,” he added.
The retreat, designed to gather insights from member states, also provided an opportunity for governors to review the IsDB’s proposed 10-year strategy (2026–2035). The strategy aims to address critical development challenges in a rapidly changing global landscape.
“As the IsDB moves forward with its 10-year plan, Nigeria is committed to fostering innovative solutions, bold reforms, and effective monitoring,” Edun affirmed
“Collaboration among member states will be key to achieving transformative growth and sustainable development for future generations.”
