BY EMMA PETER, ABUJA
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has led calls for comprehensive reforms of the global financial architecture to make financing more affordable, strengthen the representation of developing economies and accelerate sovereign debt resolution.
Oyedele made the call while chairing the G-24 Board of Governors meeting held on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings.
According to a press statement signed by Efe Ovuakporie, Director of Press Relations, Federal Ministry of Finance, and made available to journalists in Abuja, the meeting focused on mounting financial pressures facing emerging and developing economies amid geopolitical tensions, volatile commodity prices, climate shocks and tightening global financial conditions.
The statement said the meeting brought together IMF Managing Director Kristalina Georgieva, World Bank Senior Managing Director Axel van Trotsenburg, representing World Bank President Ajay Banga, and other G-24 governors, who commended Oyedele’s leadership of discussions on the financial challenges confronting developing countries.
Oyedele reportedly warned that rising interest rates, widening fiscal deficits in advanced economies and increasing financing demands for artificial intelligence and energy infrastructure had made borrowing more expensive for developing nations.
He called for progress on IMF quota and governance reforms, stronger representation for developing countries at the World Bank, improved access to development financing and more predictable, coordinated debt restructuring involving all creditors.
The minister also advocated expanded climate financing, stronger international tax cooperation to combat tax avoidance and illicit financial flows, and a greater voice for developing countries in global decision-making platforms, including the G-20.
In his closing remarks, Oyedele highlighted three major lessons from the discussions, stressing the need to build economic resilience before crises emerge through proactive policy preparation.
He also emphasised the importance of adopting and regulating artificial intelligence responsibly to support inclusive, job-creating economic growth, while underscoring international cooperation as essential to managing shared risks.
According to the statement, these risks include energy insecurity, food price volatility, supply-chain disruptions, debt vulnerabilities and climate change, which continue to pose significant challenges to developing economies.
IMF Managing Director Georgieva described the global economy as resilient, with growth projected at approximately 3.1 per cent through 2026. However, she cautioned that the outlook concealed a widening gap between economies benefiting from digital transformation, artificial intelligence investment and critical-mineral supply chains and those constrained by high energy costs, conflict and limited access to technology.
Georgieva also warned that persistent energy and food price pressures were keeping interest rates and debt-servicing costs elevated.
She urged governments to rebuild fiscal buffers, preserve central bank independence, invest in digital infrastructure and skills, and push for faster debt treatment under the G-20 Common Framework, alongside further IMF quota reforms.
On the World Bank’s interventions, van Trotsenburg disclosed that the institution had mobilised approximately $27.4 billion in crisis-related financing.
He explained that 10 countries had activated dedicated crisis-response instruments, while 19 others had redirected existing resources to address urgent needs.
He also highlighted risks associated with El Niño to food security and grain prices, noting that the World Bank remained focused on expanding electricity access, improving healthcare, strengthening digital connectivity and creating jobs in sectors such as tourism, food systems and manufacturing.
The statement added that the World Bank was also working to mobilise private capital and climate financing to support sustainable development.
Contributions from member countries further reinforced calls for reforms to the international financial system. Brazil, China and Pakistan supported stronger representation for the Global South and reforms to the Bretton Woods institutions, while the Philippines called for deeper regional financial integration.
Kenya advocated stronger policy buffers and expanded local-currency financing, while Egypt highlighted supply-chain disruptions and capital outflows. Lebanon and Syria, meanwhile, drew attention to the financing challenges facing conflict-affected economies.
Pakistan, the incoming G-24 chair, pledged to keep development at the centre of the group’s agenda.
The meeting concluded that domestic reforms alone would not adequately protect developing economies from external shocks, stressing that affordable financing, effective debt resolution, fair representation in international institutions and sustained international cooperation were equally necessary to support economic stability and sustainable development.
