The Federal Government of Nigeria has announced plans to increase investment in the domestic economy, reduce reliance on borrowing, and focus on mobilising internal resources.
Minister of Finance Wale Edun made the remarks on Tuesday during an interview with Bloomberg Television at the ongoing 56th World Economic Forum (WEF) in Davos, Switzerland.
“The issue now is to focus on revenue, focus on domestic resource mobilization,” Edun said. “We’re hoping to rely less on borrowing.”
The minister explained that while Nigeria could access international capital markets if needed, the government’s priority is to strengthen domestic revenue generation. He highlighted ongoing efforts to raise tax revenue and ensure fiscal sustainability amid global economic pressures.
Since assuming office in 2023, President Bola Tinubu’s administration has introduced a series of economic reforms aimed at stabilising public finances and driving growth. These include removing currency restrictions, ending the costly fuel subsidy, overhauling the nation’s tax framework, and targeting an increase in tax revenue to 18% of GDP in 2026, up from roughly 14% currently.
Edun noted that these initiatives are designed to modernize Nigeria’s economy, strengthen investor confidence, and reduce dependence on external debt.
Economic forecasts suggest early signs of progress. The International Monetary Fund (IMF) upgraded Nigeria’s growth projection to 4.4% for 2026, up from an estimated 4.2% in 2025, despite weaker oil prices, Nigeria’s top export and foreign-exchange earner. The IMF cited ongoing reforms as critical to stabilising revenue collection and supporting fiscal sustainability.
At WEF 2026, Edun is expected to address investor concerns regarding policy consistency, inflation, foreign exchange stability, and fiscal management. Nigeria will also debut its first official national pavilion, Nigeria House Davos, highlighting the country’s economic initiatives on the global stage.
