The Federal Government has called for significant reforms and strategic investments to tackle ongoing economic challenges.
In a recent address during the Islamic Development Bank (IsDB) Governors’ Retreat in Al-Madinah, Saudi Arabia, the Minister of Finance and Coordinating Minister of the Economy emphasized the critical need for the IsDB to reevaluate its development financing strategies amid current global economic pressures.
The minister urged the bank to prioritize transformative, high-impact projects in sectors such as infrastructure, agriculture, rail, and energy. He stressed the importance of focusing on investments that yield substantial returns to ensure sustainable financial practices.
The statement highlighted Edun’s call for innovative funding solutions tailored to national priorities, advocating for a concessional financing strategy that achieves development objectives while minimizing debt accumulation.
Additionally, he underscored the necessity for robust monitoring systems to measure the effectiveness of the IsDB’s initiatives, reflecting Nigeria’s commitment to enhancing the bank’s impact for its member states.
The retreat provided a forum for governors to share insights on the IsDB’s 10-year strategy (2026–2035), aimed at tackling significant development challenges in an ever-evolving global landscape.
As the IsDB prepares to implement its new strategy, the Minister’s focus on innovative financing, bold reforms, and effective monitoring highlights Nigeria’s commitment to driving transformative change and sustainable development throughout the region.
The collaborative actions of the IsDB and its member states will be crucial in realizing this vision and fostering a brighter future for upcoming generations.
