The Federal Government has reaffirmed its commitment to strengthening Nigeria’s fiscal framework, improving domestic revenue mobilisation, enhancing public expenditure efficiency, and sustaining economic reforms to deliver long-term growth and investment opportunities.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, made this known during Nigeria’s participation in the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Bangkok, Thailand, where the government engaged international financial institutions, development partners and investors on Nigeria’s economic outlook and reform agenda.
The discussions highlighted the Federal Government’s determination to consolidate the gains of ongoing reforms and translate improved macroeconomic conditions into increased investment, stronger productive capacity, job creation and better living standards for Nigerians.
Strengthening Fiscal Sustainability and Domestic Revenue
A major priority of the government’s fiscal strategy is to strengthen public finances by improving revenue generation, broadening the tax base and enhancing the effectiveness of public spending.
During engagements in Bangkok, Oyedele highlighted the progress recorded in Nigeria’s tax-to-gross domestic product ratio, which increased from approximately 7 per cent in 2023 to 12.5 per cent in 2026. The improvement reflects ongoing efforts to strengthen revenue mobilisation and create greater fiscal capacity to finance critical public investments without excessive reliance on deficit monetisation.
The government’s approach emphasises a more sustainable revenue framework, supported by tax reforms, improved administration and measures to ensure that public resources are deployed more efficiently.
These priorities are intended to strengthen the government’s ability to fund essential infrastructure and social services while improving the sustainability of public finances.
From Economic Stabilisation to Growth
The Federal Government is also shifting its focus towards accelerating economic growth and productivity following the implementation of major economic reforms.
The reforms include the removal of the petrol subsidy, foreign exchange market liberalisation and changes to the tax system. According to the government, these measures are intended to address structural distortions, improve market efficiency and establish a stronger foundation for sustainable economic expansion.
At the meetings in Bangkok, Oyedele stressed the importance of converting economic stability into tangible outcomes through higher investment, stronger domestic production and improved economic opportunities.
The next phase of the reform agenda is expected to place greater emphasis on infrastructure development, private-sector participation, productivity and the creation of an enabling environment for businesses to expand.
Mobilising Private Capital for Infrastructure Development
Recognising the importance of private investment in closing Nigeria’s infrastructure financing gap, the government is pursuing closer collaboration with international development institutions to unlock additional sources of capital.
Discussions with the World Bank Group included opportunities to expand the use of guarantee instruments to reduce investment risks, facilitate financing for infrastructure projects and attract private capital into the Nigerian economy.
Power infrastructure and human capital development were identified as important priorities for sustained public investment, given their implications for business competitiveness, productivity and employment generation.
The government’s broader investment strategy also includes the development of bankable projects capable of attracting domestic and international investors across critical sectors of the economy.
At the IMF–World Bank meetings, Nigeria unveiled an investment initiative featuring 65 projects valued at approximately US$78.5 billion, spanning sectors including energy, transportation, manufacturing, agriculture, mining, technology and healthcare.
The initiative is designed to provide investors with a central platform for identifying investment opportunities and engaging with projects that can contribute to Nigeria’s economic development.
Responsible Spending and Better Economic Outcomes
The government has also underscored the importance of improving the quality of public expenditure, with greater attention to the economic and social returns generated by government spending.
The fiscal policy direction places emphasis on ensuring that available resources support investments capable of stimulating economic activity, improving essential services and strengthening the productive capacity of the economy.
This includes prioritising infrastructure and human capital development while maintaining a focus on fiscal discipline and the effective management of public resources.
By improving expenditure efficiency alongside domestic revenue generation, the government aims to create more room for development spending and reduce the pressure on public finances.
Strengthening International Economic Cooperation
Nigeria’s participation in the Bangkok meetings also provided an opportunity to advance discussions on international financing conditions and the challenges facing developing economies.
Oyedele, who chaired the Group of 24 (G-24) Board of Governors meeting on the sidelines of the annual meetings, called for reforms to the international financial architecture to improve developing countries’ representation in global financial institutions, expand access to affordable development financing and strengthen mechanisms for resolving sovereign debt challenges.
He also advocated stronger international tax cooperation to address tax avoidance, illicit financial flows and profit shifting, which can undermine domestic revenue mobilisation in developing economies.
These positions reflect the government’s view that domestic economic reforms must be complemented by a more supportive international financial environment, particularly as developing countries contend with geopolitical uncertainty, volatile commodity prices, climate-related risks and elevated borrowing costs.
Sustaining Reforms and Building Investor Confidence
The Federal Government maintains that policy consistency, stronger institutions and sustained implementation are essential to consolidating the gains of its economic reform programme.
Through continued engagement with international financial institutions, investors and development partners, the government intends to strengthen confidence in Nigeria’s economic outlook and encourage investments that support sustainable growth.
The priority remains to translate fiscal reforms, improved revenue mobilisation and increased private-sector participation into measurable economic benefits, including employment opportunities, stronger businesses, improved infrastructure and better living standards.
As Nigeria advances its reform agenda, the government’s focus is on building a more resilient economy, strengthening public finances and creating the conditions for sustained, private-sector-led economic expansion.
