Nigeria discusses World Bank guarantees and AfDB project review

Nigeria used meetings with the World Bank and the African Development Bank in Bangkok to discuss infrastructure financing, investment and development-project implementation, as officials described a shift from economic stabilisation toward growth. No new guarantee financing or project delivery was announced. At a meeting with World Bank President Ajay Banga on the sidelines of the IMF and World Bank Group Annual Meetings, Finance Minister Taiwo Oyedele and Central Bank of Nigeria Governor Olayemi Cardoso discussed expanding Nigeria’s use of World Bank guarantees to attract private capital into infrastructure, particularly power. The Federal Ministry of Finance said the instruments could help reduce investment risks and ease pressure on public finances. The ministry did not specify a financing amount, projects under consideration or a timeline for securing guarantees. Electricity supply and human-capital development were identified as priorities for public investment. The meeting also addressed spending quality and the need for investments to produce measurable economic and social returns. The ministry reported that Nigeria’s tax-to-GDP ratio rose from about 7% in 2023 to 12.