The Federal Government 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 during the Islamic Development Bank (IsDB) Governors’ Retreat held in Al-Madinah, Saudi Arabia.
According to a press release issued on Monday by the ministry’s Director of Information and Public Relations, Mohammed Manga, the minister emphasised the need for the IsDB to reassess its approach to development financing in light of present economic challenges.
He 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.
Edun also highlighted the importance 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 the statement read.
The minister further stressed the necessity for robust monitoring systems to assess the real impact of the bank’s initiatives, reflecting Nigeria’s commitment to enhancing the IsDB’s effectiveness for member states.
The retreat served as a platform for governors to provide insights and feedback on the IsDB’s 10-year strategy (2026–2035), aimed at addressing key development challenges in a rapidly evolving global context.
As the IsDB embarks on its new 10-year strategy, Edun’s advocacy for innovative financing, bold reforms, and robust monitoring underscores Nigeria’s dedication to driving transformative change and sustainable development in the region.
The collaborative efforts of the Is DB and its member states will be essential in achieving this vision and creating a brighter future for generations to come the statement concluded.
