- Nigeria’s Minister of Finance, Wale Edun, urged the Islamic Development Bank to prioritize energy investments and innovative financing at the IsDB Governors’ Retreat in Saudi Arabia.
- President Bola Tinubu participated in Abu Dhabi Sustainability Week, promoting sustainable energy solutions as part of Nigeria’s broader development strategy.
Nigeria’s Minister of Finance, Wale Edun, has called for a greater focus on energy investments at the Islamic Development Bank (IsDB) Governors’ Retreat in Al-Madinah, Saudi Arabia. During the retreat, which is focused on shaping the IsDB’s 10-year strategy (2026–2035) to address global development challenges, Edun emphasized the need for bold reforms and innovative financing solutions, particularly in the energy sector. He urged the IsDB to prioritize high-impact investments in energy, infrastructure, agriculture, and rail development while promoting sustainable growth with minimal debt.
Edun’s remarks highlighted Nigeria’s urgent need for energy sector development, especially as the country strives to meet its growing power demand and diversify its energy mix. He advocated for a financing approach that supports transformative energy projects while ensuring long-term sustainability. He also called for enhanced monitoring systems to track the effectiveness of investments and ensure they lead to lasting impact in member countries, including Nigeria.
This call for increased energy investment comes as Nigeria continues to face significant challenges in its energy sector, with many areas still lacking a reliable power supply. Edun’s address at the IsDB retreat aligns with Nigeria’s broader efforts to attract international support for its energy infrastructure, which is seen as critical to the country’s economic development.
In a related development, President Bola Tinubu is attending the Abu Dhabi Sustainability Week (ADSW) in Saudi Arabia, where global leaders discuss key energy transformation strategies. The event, supported by the UAE and its clean energy leader, Masdar, serves as a platform for addressing global sustainability challenges, including those in the energy sector. Through ADSW, Tinubu is pushing for solutions that support the transition to more sustainable and just energy systems, in line with the UAE’s Net Zero 2050 initiative.
These developments reflect Nigeria’s continued efforts to secure investment for its energy sector, mainly through partnerships with organizations like the IsDB, which has previously committed to supporting large-scale infrastructure projects, including in the energy sector.