Oyedele Leads G-24 Call For Fairer Global Finance, Cheaper Development Loans
Excerpt: Nigeria’s Finance Minister, Taiwo Oyedele, leads G-24 governors in demanding cheaper growth financing, fairer illustration and quicker debt decision for growing economies.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has led requires a fairer world monetary system and extra reasonably priced growth financing for rising and growing economies.
Oyedele chaired the G-24 Board of Governors assembly on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok, Thailand, on Wednesday, 14 October 2026.
The assembly targeted on reforms to the worldwide monetary structure, together with decrease borrowing prices, stronger illustration for growing international locations in worldwide monetary establishments and quicker sovereign debt restructuring.
According to a press launch by the Federal Ministry of Finance, IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, representing World Bank President Ajay Banga, joined different G-24 governors in commending Oyedele’s management of the discussions.
The assembly addressed mounting monetary pressures on growing economies arising from geopolitical tensions, unstable commodity costs, local weather shocks and tighter world monetary circumstances.
Oyedele stated rising rates of interest, widening fiscal deficits in superior economies and rising demand for financing synthetic intelligence and power infrastructure had made borrowing dearer for growing international locations.
He known as for progress on IMF quota and governance reforms, stronger illustration for growing international locations on the World Bank, improved entry to growth finance and extra predictable debt restructuring involving all collectors.
The minister additionally known as for expanded local weather financing, stronger worldwide tax cooperation to deal with tax avoidance and illicit monetary flows, and higher participation by growing international locations in world decision-making, together with throughout the G-20.
In his closing remarks, Oyedele outlined three classes from the discussions, stressing the necessity for international locations to organize for financial shocks earlier than they happen, undertake synthetic intelligence responsibly and strengthen worldwide cooperation.
He stated resilience should be constructed earlier than a disaster via proactive coverage preparation, whereas synthetic intelligence needs to be adopted and controlled responsibly to help inclusive, job-rich progress.
Oyedele additionally highlighted the significance of worldwide cooperation in managing shared challenges, together with power insecurity, meals worth volatility, supply-chain disruptions, debt vulnerability and local weather change.
Georgieva described the worldwide financial system as resilient, with progress projected at about 3.1 per cent via 2026. However, she warned that the general determine hid widening variations between economies benefiting from digital transformation, synthetic intelligence funding and critical-mineral provide chains and people constrained by excessive power prices, battle or restricted entry to know-how.
She stated persistent power and meals worth pressures had been protecting rates of interest and debt-servicing prices elevated.
Georgieva urged governments to rebuild fiscal buffers, protect central financial institution independence, spend money on digital infrastructure and abilities, and pursue quicker debt remedy underneath the G-20 Common Framework. She additionally known as for additional IMF quota reform.
Van Trotsenburg stated the World Bank had mobilised about $27.4 billion in crisis-related financing, with 10 international locations activating devoted crisis-response devices and 19 others redirecting current assets to pressing wants.
He additionally warned of El Niño-related dangers to meals safety and grain costs.
The World Bank official stated the establishment remained targeted on increasing electrical energy entry, healthcare and digital connectivity, whereas supporting job creation in tourism, healthcare, meals methods and manufacturing.
He added that mobilising non-public capital and local weather finance remained a part of the financial institution’s efforts to help growing economies.
Other G-24 members additionally backed reforms to the worldwide monetary system.
Brazil, China and Pakistan supported stronger illustration for the Global South and reforms to the Bretton Woods establishments, whereas the Philippines known as for deeper regional monetary integration.
Kenya urged international locations to construct coverage buffers and develop local-currency financing. Egypt highlighted supply-chain disruptions and capital outflows, whereas Lebanon and Syria raised considerations about financing challenges going through conflict-affected economies.
Pakistan, which is taking up the G-24 chairmanship, pledged to maintain growth on the centre of the group’s agenda.
The assembly concluded that home reforms alone wouldn’t adequately shield growing economies from exterior shocks, stressing the necessity for reasonably priced financing, efficient debt decision, fairer illustration in worldwide establishments and sustained world cooperation.
The assertion was issued by Efe Ovuakporie, Head of Media on the Federal Ministry of Finance.
Faridah Abdulkadiri
