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The Federal Government has urged the adoption of bold reforms and smarter investment strategies to tackle current economic challenges.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this appeal at the Islamic Development Bank (IsDB) Governors’ Retreat in Al-Madinah, Saudi Arabia.
In a press release issued on Monday by Mohammed Manga, the ministry’s Director of Information and Public Relations, Edun emphasized the need for the IsDB to adapt its development financing strategies to meet contemporary economic demands.
“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,” the statement highlighted.
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The minister further advocated for innovative funding mechanisms tailored to national priorities and debt realities. He stressed the importance of a concessional financing approach that balances development objectives with limited debt accumulation.
Edun also underscored the necessity for effective monitoring systems to evaluate the real impact of the bank’s projects, reaffirming Nigeria’s commitment to enhancing the efficiency of the IsDB’s initiatives for its member countries.
The retreat provided an opportunity for governors to discuss the IsDB’s 10-year strategy (2026–2035), designed to address pressing development issues in a rapidly changing global environment.
“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 IsDB and its member states will be essential in achieving this vision and creating a brighter future for generations to come,” the statement concluded.
