Statement by H.E. Adebayo O. Edun at the 112th Meeting of the Development Committee - On October 16, 2025

Jul 19, 2026

Statement by Nigeria’s Finance Minister and Coordinating Minister of Economy, H.E. Adebayo O. Edun, on behalf of the constituencies of Angola, Nigeria and South Africa at the 112th Development Committee meeting on October 16, 2025. The statement reviews global conditions, highlighting weakening growth, inflation pressures, fiscal risks and soft labor markets, while acknowledging resilient African growth alongside persistent debt distress and poverty challenges. It supports the WBG focus on foundations for growth and jobs, emphasizing private-sector job creation, job-linked corporate targets, a three-pillar jobs strategy, and an ecosystem approach. It further prioritizes energy transition and job-rich sectors—energy/infrastructure, agribusiness, healthcare, tourism and value-added manufacturing—and commends progress under the M300 initiative.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages5

Reading Time13 min

Opening context and macroeconomic assessment

Global conditions and risks

Jobs agenda and policy alignment

Support for 2025 paper on foundations for growth and jobs

Corporate targets, CPF integration, and indicators

WBG strategy and sector priorities

Three-pillar jobs strategy and one WBG approach

Ecosystem coordination: public finance, private support, regulatory reform

Africa transformation focus

Energy transition as a lifeline

Job-rich sectors and the M300 initiative

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors ofthe Bank and the Fund on the Transfer of Real Resources to Developing Countries) ONE HUNDRED AND TWELFTH MEETING WASHINGTON, DC – OCTOBER 16, 2025 DC/S/2025-0056 October 16, 2025 Statement by H.E. Adebayo O. Edun Minister of Finance and Coordinating Minister of Economy Federal Republic of Nigeria On behalf of the Constituency of Angola, Nigeria and South Africa Statement by H.E. Adebayo O. Edun Minister of Finance and Coordinating Minister of Economy Federal Republic of Nigeria On behalf of the Constituency of Angola, Nigeria and South Africa 112th Meeting of the Development Committee October 16, 2025 Washington, DC We acknowledge that the global economy shows tenuous resilience with slightly upward-revised growth forecast for 2025. However, growth is expected to further decline due to challenges of tariff front loading, trade tensions and persistent uncertainties. In the Emerging markets including Sub-Saharan Africa, there iss for stronger growth momentum although commodity exporters may be weighed down by weaker external demand. Despite overall trend of inflation falling, there still remain large number of countries, including from our constituency with persistent high inflation rate. Looking ahead, downside risks loom large, increased concerns about fiscal risks could pose additional financial stability concerns. Labor markets are softening with higher unemployment and fewer job openings in most economies. Trade realignments, fiscal imbalances and AI driven transformation present systemic risks and new opportunities. Africa economic outlook is showing resilient growth, supported by easing inflation, stabilizing currencies and a rebound in private consumption. However significant challenges remain, including the need for job creation, seismic shift in trade policies of major economies and shifting global aid priorities. Against the backdrop of these un-precedented global circumstances, with nearly half of the region in or at high risk of debt distress, African economy is projected to grow, though the pace remains insufficient to significantly reduce poverty or create sufficient jobs. In this context, we support the focus of the 2025 Annual Meeting Development Committee Paper on Foundations for Growth and Jobs. Considering the high unemployment rate in our constituency and continent, we consider it timely that the WBG has made private sector job creation the central focus of its work and is committed to ensure that all operations align with jobs employment outcomes. Additionally, the shifting demographics crises in the labor market and job displacement due to the uptick of AI, calls for strategizing and being proactive to effectively address poverty reduction in our countries. We welcome the ambitious goals and design of embedding Jobs in the WBG corporate targets and support the urgency in the call for action on job creation; the time is ‘now’ to address increasing poverty and instability, ensure opportunity for resilience growth. On this note, we acknowledge that embedding the jobs agenda into the CPF and corporate targets would allow for transparency and accountability. Furthermore, having indicators to track progress in the new scorecard is a fair ambition and we look forward to it. We appreciate the WBG three pillar jobs strategy and align with the five key sectors highlighted as engine of Job Creation. We acknowledge that the three pillar Jobs Strategy would be a true test of the commitment and cohesiveness of the one WBG Operation’s Approach. The efficiency of synergy between the WBG institutions would be instrumental to the success of the Job Strategy. The strategy of adopting an ecosystem approach which coordinates public finance, private sector support and regulatory reform is crucial as it would ensure that efforts are aligned

FAQs

What global economic concerns does the statement highlight for 2025?

It notes tenuous global resilience with upward revisions, but expects further growth decline amid tariff front loading, trade tensions and persistent uncertainties. It also points to persistent high inflation in many countries, fiscal risks, and softening labor markets with higher unemployment.

How does the statement support the World Bank Group’s jobs focus?

It endorses centering private-sector job creation in the WBG’s work and aligning operations with jobs and employment outcomes. It also welcomes embedding jobs in WBG corporate targets, integrating the agenda into the CPF, and using indicators to track progress.

Which sectors are emphasized as engines of job creation for Africa?

The statement highlights five job-rich sectors: Energy/Infrastructure, Agribusiness, Healthcare, Tourism, and Value-added manufacturing. It stresses that energy should receive particular emphasis as a key enabler for transformation.

Jul 19, 2026

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