By Emma Ujah, Abuja Bureau Chief
The World Bank has pledged to fast-track its support for Nigeria’s energy and digital sectors as part of efforts to boost the country’s economic growth.
The Bank’s Managing Director and Chief Financial Officer, Ms. Anshula Kant, made the commitment during a meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Thursday in Abuja.
According to Kant, “Nigeria’s reform momentum is both necessary and commendable. We stand ready to accelerate our support, particularly in energy, digital access, and youth employment — the pillars of a competitive, future-facing economy.”
Leading a high-level delegation to Nigeria, Kant described the country as a cornerstone of the World Bank’s Africa strategy. She also praised the government’s bold macroeconomic reforms, including the liberalisation of the foreign exchange market and the removal of fuel subsidies.
She noted that these reforms have helped restore investor confidence and laid the groundwork for inclusive, private sector–driven development.
In response, Edun said the current administration was intensifying economic reforms and mobilising private capital to drive growth.
He stressed that Nigeria’s priority was to scale growth through strategic investment in infrastructure, agriculture, and digital innovation.
According to the Minister, renewed investor interest, improved foreign reserves, and over $7 billion in oil and gas commitments are early signs of progress.
“The path to sustainable prosperity lies in unlocking private investment. The World Bank’s partnership is critical to achieving this,” he said.
The meeting also focused on innovative financial instruments to reduce the cost of capital and enhance SME financing. These include blended finance platforms and new guarantee mechanisms under the Multilateral Investment Guarantee Agency (MIGA).
Both parties reaffirmed their commitment to deepening collaboration to ensure Nigeria’s economic reforms deliver jobs, increased capital flows, and resilient growth for the benefit of all Nigerians.
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