Banga Praises Nigeria’s Reported Rise in Private Capital Inflows

 

By Atlantic Reports

World Bank Group President Ajay Banga has commended a reported increase in Nigeria’s private capital inflows to nearly $6 billion in 2026, from $300 million in 2023.

Banga met Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele and Central Bank of Nigeria Governor Olayemi Cardoso on Monday in Bangkok, on the sidelines of the 2026 International Monetary Fund and World Bank Group Annual Meetings.

The discussions explored how Nigeria could use World Bank guarantee instruments to attract private capital and unlock infrastructure financing.

The account did not specify the categories of investment covered by the inflow figures or the reporting period for the 2026 total. Those distinctions matter because different forms of capital have different implications for long-term investment and employment.

Banga also commended Nigeria’s reform progress as participants discussed translating macroeconomic stability into faster growth, increased investment and stronger domestic revenue.

Oyedele said Nigeria’s tax-to-gross domestic product ratio had risen from about seven per cent to 12.5 per cent. He argued that the improvement gave the government greater capacity to fund public investment without resorting to deficit monetisation.

The account did not provide the reference years or calculation basis for the tax ratio.

The minister identified power infrastructure and human capital development as priorities for sustained investment, saying improvements were needed to strengthen business competitiveness, productivity and job creation.

He said the government’s objective was to convert improved economic fundamentals into productive investment, employment and better living standards.

The meeting did not announce a specific financing agreement, approved guarantee or project funding commitment. The infrastructure financing discussions therefore remain exploratory.

Participants also emphasised more efficient public spending so that expenditure delivers measurable economic and social benefits.

For businesses and households, the practical test will be whether increased capital and public revenue translate into reliable electricity, stronger services and durable employment opportunities.

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