The federal government has called for a bold reform at the Islamic Development Bank (IsDB), urging the bank to reassess its financing strategies in line with current economic realities.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun pushed for the reform at the IsDB Governors’ Retreat in Al-Madinah, Saudi Arabia.
This was disclosed in a release obtained by NewsNGR on Monday.
According to the statement, Edun’s remarks were part of the bank’s ongoing efforts to gather input and build consensus on its upcoming ten-year strategy to achieve greater developmental impact.
Edun made the comments alongside Algeria’s Minister of Finance and Chairman of the Board of Governors, Laaziz Faid, and Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, who opened the discussions.
The minister stressed the need for the IsDB to reassess its development financing strategies in light of current economic conditions.
He advocated for transformative, high-impact projects across key sectors such as infrastructure, agriculture, rail, and energy, urging the bank to prioritize investments with substantial returns to ensure long-term financial sustainability.
Additionally, he underscored the need for innovative funding solutions aligned with national priorities and debt dynamics, calling for a concessional financing approach that balances development objectives with minimal debt accumulation.
In response to the bank’s invitation for input, Edun also highlighted the importance of establishing robust monitoring systems to assess the actual impact of the bank’s initiatives.
“His remarks reflected Nigeria’s commitment to strengthening the IsDB’s role in delivering greater results for its member states.
“The retreat served as a forum for governors to provide ideas and feedback on the IsDB’s 10-year strategy (2026–2035), which aims to chart a clear path for addressing pressing development challenges in a rapidly changing global landscape,” it added.