World Bank, BOI mull new development finance framework
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The World Bank in partnership with the Bank of Industry, BOI has created a framework for development finance with an aim to accelerate job creation, unlock private capital, and deepen financial inclusion across the country.
The World Bank Country Director for Nigeria, Dr. Matthew Verghis has emphasized the urgency of rethinking Nigeria’s development financial architecture to reflect changing global realities and domestic needs, stating that the partnership is to also chart a new development finance model to boast Nigeria’s economy.
Verghis disclosed at the second edition of the Bank of Industry Development Lecture Series in Abuja, with the theme, “Development Finance Imperatives: Rethinking Nigeria’s Path Forward,” as he explains that Nigeria is at a turning point with clear signs of macroeconomic stability emerging from the government’s ongoing reform efforts.He spoke on easing inflation, rising reserves, and growing industrial confidence as evidence that policy consistency and fiscal discipline were beginning to yield tangible results, he describes the removal of Nigeria from the Financial Action Task Force (FATF) grey list as a landmark achievement, signalling that the country’s financial system now meets international anti-money laundering standards.
According to him, “It is a signal that Nigeria’s anti-money laundering structures now meet international benchmarks, as a single step that enhances investor trust and strengthens the foundation for sustainable economic growth. Poverty and unemployment remain persistent challenges, noting that millions of Nigerians are yet to feel the benefits of macroeconomic reforms.
He argued that traditional models in which governments and donors directly fund infrastructure are no longer sufficient to meet Nigeria’s enormous needs, estimated at hundreds of billions of dollars annually, stating that if the country follows conventional financing approaches it will not take them close to the infrastructure or enterprise goals, he explained that the country needs a shift, one that treats development finance not as an end in itself, but as a tool for structural transformation.
Speaking, BOI Chairman, Dr. Mansur Muhtar called for deeper collaboration among public institutions, private investors, and development partners to create an environment conducive to inclusive and sustainable growth, assuring that BOI remains committed to its mandate of driving industrialization and supporting businesses through innovative and responsible lending.
World Bank, BOI mull new development finance framework - The Nation Newspaper
