Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for reforms to the global financial system to make borrowing cheaper for developing countries and improve their representation in international financial institutions.
Oyedele made the call while chairing the G-24 Board of Governors meeting on the sidelines of the International Monetary Fund and World Bank Annual Meetings in Bangkok, Thailand, on Wednesday.
The meeting brought together finance officials from developing economies to discuss rising borrowing costs, debt pressures, climate financing and the impact of global economic uncertainties.
IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg commended Nigeria’s leadership of the discussions.
Oyedele said rising interest rates, widening fiscal deficits in advanced economies and increased spending on artificial intelligence and energy infrastructure had made borrowing more expensive for developing countries.
He called for reforms to IMF quotas and governance, stronger representation for developing countries at the World Bank, improved access to development financing and faster, more coordinated debt restructuring involving all creditors.
The minister also advocated increased climate financing, stronger international tax cooperation to tackle tax avoidance and illicit financial flows, and greater representation for developing countries in global decision-making, including at the G-20.
Georgieva said the global economy remained resilient, with growth projected at 3.1 per cent through 2026, but warned that the benefits of digital transformation and artificial intelligence were not evenly distributed.
She added that persistent energy and food price pressures were keeping interest rates and debt-servicing costs high, urging governments to strengthen their fiscal positions, invest in digital infrastructure and skills, and support faster debt resolution.
Van Trotsenburg disclosed that the World Bank had mobilised about 27.4 billion dollars in crisis-related financing, with several countries accessing emergency funding or redirecting existing resources to urgent needs.
He said the bank remained focused on expanding electricity access, healthcare, digital connectivity and job creation, while mobilising private investment and climate financing.
Other G-24 members, including Brazil, China and Pakistan, supported calls for stronger representation of developing economies in global financial institutions.
Kenya also advocated stronger economic safeguards and increased local-currency financing.
The meeting concluded that domestic reforms alone would not protect developing economies from external shocks, stressing the need for affordable financing, effective debt resolution, fairer representation and sustained international cooperation.
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