Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has met with the Chairman of the Islamic Development Bank (IsDB) Group, Dr. Muhammad Al Jasser, on the sidelines of the 2026 IsDB Group Annual Meetings in Baku, Azerbaijan.
The meeting focused on strengthening the long-standing partnership between Nigeria and the IsDB Group.
During the engagement, both leaders reviewed ongoing and future cooperation under the Country Engagement Framework 2026–2028. The discussions centred on critical areas including infrastructure development, private sector growth, Islamic finance, and support for Nigeria’s broader economic diversification agenda.
The meeting builds on recent engagements, including the IsDB Group Day held in Lagos earlier this year, which highlighted opportunities for deeper collaboration between Nigeria and the multilateral development bank.
The IsDB Group has been a key development partner for Nigeria over the years, supporting projects in infrastructure, agriculture, education, and healthcare. The latest meeting reaffirmed the commitment of both sides to expand this partnership in line with Nigeria’s development priorities.
Dr. Muhammad Al Jasser and Mr. Taiwo Oyedele discussed how the IsDB Group can further support Nigeria’s efforts to attract investment, develop Islamic financial instruments, and improve the business environment for both local and foreign investors.
A major focus of the talks was Nigeria’s push for economic diversification away from over-reliance on oil. The IsDB Group expressed readiness to support initiatives that promote non-oil sectors, enhance value addition, and create sustainable jobs.
Infrastructure development, particularly in transport, energy, and digital connectivity, was also highlighted as a key area where IsDB financing and technical support could play a significant role.
The engagement comes at a time when Nigeria is implementing major economic reforms, including tax reforms and efforts to improve the ease of doing business. Strengthening ties with development finance institutions like the IsDB Group is seen as part of the government’s strategy to mobilise both concessional and private sector financing for development projects.
Officials from both sides described the meeting as productive and expressed optimism about deeper collaboration in the coming years under the new Country Engagement Framework.
