Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has stressed the need for bold reforms and smarter investments to ensure sustainable development across member nations.
#He urged the Islamic Development Bank (IsDB) to rethink its development financing approach to address current global economic realities.
Edun spoke at the IsDB Governors’ Retreat held in Al-Madinah, Saudi Arabia.
The retreat aimed to gather input and build consensus on the IsDB’s 10-year strategy (2026–2035), which seeks to create a transformative roadmap for addressing pressing development challenges in an evolving global landscape.
In his address, Mr. Edun urged the IsDB to prioritize high-impact projects in critical sectors such as infrastructure, agriculture, rail, and energy. He called for investments that guarantee strong returns, emphasizing their role in fostering sustainable financing for member countries.
“The IsDB must focus on transformative, high-impact projects that align with national priorities and deliver measurable results. These investments should not only advance development goals but also provide strong returns to ensure sustainability,” Edun stated.
Highlighting the economic challenges faced by many member states, Edun advocated for innovative funding solutions tailored to each nation’s unique priorities and debt dynamics. He stressed the importance of concessional financing strategies that balance development needs with minimal debt accumulation.
“Innovative financing mechanisms are essential for achieving development goals without exacerbating debt burdens. We must strike a balance between ambitious development targets and prudent fiscal management,” he said.
Responding to the IsDB’s call for input on its upcoming strategy, Edun stressed the need for robust monitoring systems to evaluate the real impact of the bank’s initiatives. He stressed that such systems are crucial for ensuring accountability and maximizing the developmental benefits of IsDB projects.
“Nigeria remains committed to strengthening the IsDB’s role as a catalyst for impactful development. Robust monitoring systems will help measure progress and ensure that our efforts yield tangible benefits for member states,” he added.
The retreat also featured remarks from Algeria’s Minister of Finance and Chairman of the Board of Governors, H.E. Laaziz Faid, and Saudi Arabia’s Finance Minister, H.E. Mohammed Al-Jadaan, who opened the discussions. Their contributions highlighted the collective commitment of member states to shaping a forward-looking strategy for the bank.
