Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has led calls for a fairer global financial system and more affordable development financing for emerging and developing economies.
Oyedele, who chaired the G-24 Board of Governors meeting on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok, Thailand, said that rising interest rates, widening fiscal deficits in advanced economies and growing demand for financing artificial intelligence and energy infrastructure had made borrowing more expensive for developing countries.
He called for progress on IMF quota and governance reforms, stronger representation for developing countries at the World Bank, improved access to development finance and more predictable debt restructuring involving all creditors.
The Nigerian minister also called for expanded climate financing, stronger international tax cooperation to tackle tax avoidance and illicit financial flows, and greater participation by developing countries in global decision-making, including within the G-20.
Oyedele also outlined three lessons from the discussions, stressing the need for countries to prepare for economic shocks before they occur, adopt artificial intelligence responsibly and strengthen international cooperation.
He said resilience must be built before a crisis through proactive policy preparation, while artificial intelligence should be adopted and regulated responsibly to support inclusive, job-rich growth.
Oyedele also highlighted the importance of international cooperation in managing shared challenges, including energy insecurity, food price volatility, supply-chain disruptions, debt vulnerability and climate change.
According to a press statement by Nigeria’s Federal Ministry of Finance, the meeting focused on reforms to the global financial architecture, including lower borrowing costs, stronger representation for developing countries in international financial institutions and faster sovereign debt restructuring.
The statement added that the IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, representing World Bank President Ajay Banga, joined other G-24 governors in commending Oyedele’s leadership of the discussions.
GIK/APA