The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reiterated the Federal Government’s commitment to fostering private-sector-led growth, as the World Bank unveiled its latest Nigeria Development Update (NDU) titled Building Momentum for Inclusive Growth.
Speaking at the launch of the biannual report, Mr. Edun commended the World Bank for its continued support, particularly through technical assistance and concessional financing provided by the International Development Association (IDA). “The Bank has been a tremendous development partner,” he noted. “We’d like them to continue—and to give us more of that—to boost us on our way.”
The Minister emphasized that recent reforms have strengthened fiscal transparency and sparked renewed investor interest in critical sectors of the economy. “It is investment that grows the economy, creates high-quality jobs, and lifts Nigerians out of poverty in their millions,” he stated.
The World Bank, in its report, projected a GDP growth rate of 3.6% for Nigeria in 2025, the country’s strongest economic outlook in a decade. The report attributes this optimism to improved revenue mobilisation, enhanced fiscal and monetary policies, and an increase in foreign reserves.
Acting Country Director for Nigeria, Mr. Taimur Samad, expressed optimism about Nigeria’s economic trajectory. “There is a lot to be positive about on Nigeria,” he said, while stressing the need for continued monetary discipline to curb inflation and sustain growth.
The Nigeria Development Update is the World Bank’s flagship economic publication on Nigeria, issued twice a year to inform and support evidence-based policymaking.
As Nigeria builds momentum for inclusive growth, the government’s focus on enabling private investment—underpinned by strong partnerships with institutions like the World Bank—signals a promising pathway to sustainable development and economic resilience.
