Minister of Finance and Coordinating Minister of Economy Wale Edun called for bold reforms and smarter investments at the Islamic Development Bank (IsDB) Governors' Retreat held in Al-Madinah City, Saudi Arabia.
The retreat aimed to gather input and build consensus on the bank's next 10-year strategy to achieve greater development impact.
In a statement, Mohammed Manga, Director of Information and Public Relations, said the Minister emphasized the need for the IsDB to reconsider its approach to development financing in response to current economic realities.
He called for high-impact, transformative projects in infrastructure, agriculture, railways and energy, and urged the bank to focus on investments with strong returns to ensure sustainable financing.
Edun also highlighted the importance of innovative financing solutions tailored to national priorities and debt dynamics, emphasizing the urgent need for a concessional financing strategy that balances development objectives with minimal debt accumulation.
The retreat also featured key contributions from Minister of Finance and Chairman of the Board of Governors of Algeria, HE Laaziz Faid, and Minister of Finance of Saudi Arabia, HE Mohammed Al-Jadaan, who opened the discussions.
Responding to the bank's call for comments, Edun also emphasized the need for robust monitoring systems to assess the actual impact of the bank's initiatives.
His comments reflected Nigeria's commitment to strengthening the role of the IsDB to achieve greater results for its member states.
The retreat served as a forum for governors to provide insights and feedback on the IsDB's 10-year strategy (2026-2035), which aims to chart a clear path to address pressing development challenges in a rapidly changing global landscape.
As the IsDB embarks on its new 10-year strategy, Edun's advocacy for innovative financing, bold reforms and strong monitoring underlines Nigeria's dedication to driving transformative change and sustainable development in the region.
The collaborative efforts of the IsDB and its member states will be crucial to achieving this vision and creating a better future for generations to come.
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