By Ayomide Otitoju
Nigeria plans to increase investment in the economy, rely more on domestic resources, and reduce dependence on borrowing, Finance Minister Wale Edun said on Tuesday. He made the remarks during an interview with Bloomberg Television at the 56th World Economic Forum in Davos, Switzerland.
“The issue now is to focus on revenue, focus on domestic resource mobilisation. We’re hoping to rely less on borrowing,” Edun said, stressing that while Nigeria could access international bond markets if necessary, mobilising domestic resources remains the government’s priority.
Edun highlighted ongoing fiscal reforms designed to strengthen the economy, including efforts to raise tax revenue, enhance fiscal sustainability, and reduce reliance on external debt. Since taking office in 2023, President Bola Tinubu’s administration has removed currency restrictions, ended the fuel subsidy, and overhauled Nigeria’s tax framework, targeting a revenue-to-GDP ratio of 18% by 2026, up from about 14% currently.
“These initiatives are central to modernising Nigeria’s economy and boosting investor confidence,” the minister said, noting that domestic reforms are key to long-term economic stability.
Economic forecasts suggest the reforms are showing early impact. The International Monetary Fund (IMF) upgraded Nigeria’s growth projection to 4.4% in 2026 from 4.2% in 2025, despite weaker oil prices. The IMF credited the government’s domestic resource mobilisation and fiscal measures with stabilising revenue collection and supporting fiscal sustainability.
At Davos, Edun will address investor concerns on policy consistency, inflation, foreign exchange stability, and fiscal sustainability. Nigeria will also make its debut at the Forum with its first official national pavilion, Nigeria House Davos, showcasing the country’s economic initiatives and investment opportunities.
