Nigeria’s finance minister says Africa’s largest oil producer wants to borrow less and grow more from within. Speaking in Davos, Wale Edun acknowledged that Abuja could return to international bond markets after its successful $2.35 billion sale in November, but stressed that this is no longer the priority.
Instead, the government is pivoting toward mobilizing domestic revenue, boosting savings, and attracting fresh investment—including from the Middle East—to power growth.
The stance aligns with President Bola Tinubu’s sweeping reforms since 2023, from ending fuel subsidies to liberalizing the currency.
Those changes are already paying off, with the IMF lifting Nigeria’s 2026 growth forecast to 4.4%. To sustain momentum, officials are overhauling tax laws and aiming to lift tax revenue from about 14% of GDP to 18% in the near term.
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The financing is designed to cushion energy costs while supporting Botswana’s private-sector and jobs reforms.