Edun calls for transformative reforms to boost development

Abdullateef Fowewe

During the Islamic Development Bank Governors’ Retreat in Al-Madinah, Saudi Arabia, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun emphasised the urgent need for bold reforms and smarter investments in development financing.

Dailyeconomy obtained this in a statement by the Ministry of Finance on Monday.

Edun advocated for high-impact projects in key sectors like infrastructure and energy, urging innovative funding solutions to align with national priorities.

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.

The retreat also featured contributions from finance ministers of Algeria and Saudi Arabia, focusing on the IsDB’s 10-year strategy to address pressing global challenges and enhance its developmental role for member states.

The statement said, “HM Wale Edun delivered a decisive call for action during the Islamic Development Bank @isdb_group Governors’ Retreat in Al-Madinah on Sunday. His remarks were part of the bank’s ongoing efforts to gather input and build consensus on its upcoming 10-year strategy to achieve greater developmental impact.

“The Honourable Minister emphasized the need for the IsDB to rethink its approach to development financing in response to current economic realities. He called for transformative, high-impact projects in infrastructure, agriculture, rail, and energy, urging the bank to focus on investments with strong returns to ensure sustainable financing. He also highlighted the importance of innovative funding solutions tailored to 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 HM 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.