IMF/World Bank Meetings: Cardoso Leads Nigerian Delegation as Edun Takes Ill

Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, will lead Nigeria’s delegation to the annual World Bank and International Monetary Fund (IMF) meetings opening today in Washington, D.C., following the unavailability of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who is currently indisposed.

According to the Presidency, Cardoso will represent Nigeria at key sessions of the Bretton Woods institutions’ gatherings, which are expected to deliberate on global economic stability, debt sustainability, and development financing.

Meanwhile, Qatari investors, led by Sheikh Abdul-Rahman Hamad Al-Thani, a member of the Qatari royal family, have pledged a massive $300 billion Foreign Direct Investment (FDI) in Nigeria. The investment, facilitated by Elan Vert Nigeria Limited, will focus on critical sectors including infrastructure, energy, oil and gas, agriculture, mining, and aviation.

Chairman of Elan Vert Nigeria Limited, Adebowale Odutola, described the development as a major milestone in President Bola Tinubu’s efforts to rebuild international confidence in Nigeria’s economy. He said the investors were keen to collaborate with credible Nigerian firms to create jobs and wealth across the country.

“This is a historic moment for Nigeria. These investors are committing $300 billion across vital sectors, which will accelerate economic growth and employment,” Odutola stated.

The Chief Executive Officer of Future Union Group, Dr. Abdelgalil Sharaf, said the delegation was impressed by Nigeria’s economic potential and the government’s reform agenda. He expressed optimism that the partnership would yield sustainable growth.

Similarly, Abdul-Azeez Adediran (Jandor), co-facilitator of the visit and Lead Visioner of the Lagos4Lagos Movement, described the investment as a vote of confidence in Tinubu’s leadership, noting that recent fiscal and forex reforms have improved Nigeria’s investment climate.

“Before Tinubu’s administration, the business environment was discouraging. The new reforms have restored investor confidence,” Adediran said.

Edun, who has played a pivotal role in shaping the administration’s economic policies since his appointment in August 2023, is said to be receiving medical care in Nigeria. Should his recovery take longer, sources say President Tinubu may consider appointing an acting minister to maintain policy momentum.

Key highlights of the IMF/World Bank meetings include the Development Committee Plenary on Thursday, October 16, and the International Monetary and Financial Committee (IMFC) session on Friday, October 17. The sessions will feature regional briefings, press conferences, and high-level discussions on global economic and financial trends.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed the composition of Nigeria’s delegation yesterday.

The Qatari investment announcement marks one of the largest foreign commitments to Nigeria in recent years, signaling renewed international trust in the country’s reform agenda and long-term growth prospects.