Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the country retains the ability to access international bond markets if required, but is prioritising domestic funding and revenue mobilisation over new external borrowing.
Edun made the remarks on Tuesday during an interview with Bloomberg Television on the sidelines of the World Economic Forum in Davos.
He said Nigeria’s current fiscal focus is centred on strengthening internal revenue generation rather than increasing reliance on debt issuance in global capital markets.
“The issue now is to focus on revenue, focus on domestic resource mobilization,” Edun said. “We’re hoping to rely less on borrowing.”
The comments signal a clear policy stance by the Federal Government to reduce exposure to external debt amid volatile global financial conditions and elevated borrowing costs.
While Nigeria has remained absent from the international Eurobond market in recent years, Edun’s statement confirms that market access is not constrained but is being treated as a secondary option rather than a primary funding strategy.
The emphasis on domestic funding aligns with ongoing fiscal reforms aimed at improving tax collection, broadening the revenue base, and strengthening non-oil income streams.
Authorities have repeatedly highlighted domestic resource mobilisation as critical to restoring fiscal sustainability and reducing pressure on foreign exchange reserves.
From a market perspective, the statement suggests that Nigeria is unlikely to return to the Eurobond market in the near term unless financing conditions become significantly more favourable or funding needs intensify.
Instead, the government is expected to lean more heavily on internally generated revenue and domestic debt instruments to meet budgetary requirements.
Edun’s remarks also reflect a broader effort to signal fiscal discipline to investors, positioning Nigeria as a sovereign focused on consolidation rather than debt expansion, while keeping external markets available as a contingency rather than a necessity.
