Oyedele and Cardoso Discuss Nigeria's Economic Reforms with Banga

On October 13, 2026, Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, and Olayemi Cardoso, the Governor of the Central Bank of Nigeria, met with Ajay Banga, President of the World Bank Group, to review Nigeria's reform progress. This meeting occurred during the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand, where Oyedele led Nigeria's delegation.

The discussion focused on transitioning macroeconomic stability into accelerated growth, increased private investment, and enhanced domestic revenues. Banga praised Nigeria's reform achievements, noting a significant rise in private capital inflows from approximately $300 million in 2023 to nearly $6 billion in 2026.

Oyedele reported an increase in Nigeria's tax-to-GDP ratio from about 7 percent to 12.5 percent, allowing for more public investment without deficit monetization. The meeting also addressed the use of World Bank guarantee instruments to facilitate infrastructure financing and emphasized the importance of quality public spending for economic and social returns.