To address the current state of the economy, the federal government has called for bold reforms and more intelligent investments.

This call was given by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, at the Islamic Development Bank (IsDB) Governors’ Retreat in Al-Madinah, Saudi Arabia.

Mohammed Manga, the ministry’s director of information and public relations, said in a press statement on Monday that the minister emphasized the necessity for the IsDB to reconsider its approach to development funding in view of the current economic difficulties.

He urged the bank to concentrate on investments with high returns in order to provide sustainable funding, and he called for revolutionary, high-impact initiatives in the fields of energy, train, agriculture, and infrastructure.

“Edun 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 statement read.

Edun’s support of creative finance, audacious reforms, and strict oversight as the IsDB launches its new 10-year plan highlights Nigeria’s commitment to promoting sustainable development and revolutionary transformation in the area.

“Achieving this vision and building a better future for future generations will require the IsDB and its member states to work together,” the statement said.