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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has called on the Islamic Development Bank (IsDB) to, rethink its approach to development financing in response to current economic realities.
He suggested to the management of the bank, to be transformative, high-impact in infrastructure projects, focus on agriculture, rail, and energy and urged the bank to focus on investments with strong returns to ensure sustainable financing.
Edun spoke at the IsDB Governors’ retreat in the City of Al-Madinah, Saudi Arabia, in a statement issued by the Director of information in the ministry, Mohammed Manga.
The retreat aimed to gather input and build consensus on the bank’s upcoming 10-year strategy to achieve greater developmental impact.
The Minister emphasized the need for the IsDB to rethink its approach to development financing in response to current economic realities.
Edun also highlighted the importance of innovative funding solutions tailored towards national priorities and debt dynamics, stressing the urgent need for a concessional financing strategy that balances development goals with minimal debt accumulation.
The retreat also featured key contributions 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.
Responding to the bank’s call for input, Edun also stressed the need for robust monitoring systems to evaluate the real 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.
