Islamic Development Bank: Edun Seeks Bold Reforms, Innovative Financing

Ndubuisi Francis in Abuja

The  Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has called for bold reforms and smarter investments at the Islamic Development Bank (IsDB).

He made the call at the ongoing Governors’ Retreat holding in the City of Al-Madinah, Saudi Arabia.

The retreat is aimed at gathering input and building consensus on the bank’s upcoming 10-year strategy to achieve greater developmental impact.

Nigeria, with a 7.33 percent shareholding, is a member of the 57-member IsDB.

Edun emphasised the need for the bank to rethink its approach to development financing in response to current economic realities, according to a statement issued by the Director,  Press and Public Relations,  Ministry of Finance, Mohammed Manga.

The minister 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.

Edun also highlighted the importance of innovative funding solutions tailored towards 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,  Laaziz Faid, and Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, who opened the discussions.

Responding to the bank’s call for input, 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.

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.

“As the IsDB embarks on its new 10-year strategy, HM Edun’s advocacy for innovative financing, bold reforms, and robust monitoring underscores Nigeria’s dedication to driving transformative change and sustainable development in the region.

“The collaborative efforts of the IsDB and its member states will be crucial in achieving this vision and creating a brighter future for generations to come,” the statement said.