Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for reforms to the global financial system to reduce borrowing costs for developing countries and ensure fairer representation in international financial institutions.
Oyedele made the call on Wednesday 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.
The meeting focused on mounting financial pressures on emerging and developing economies amid geopolitical tensions, volatile commodity prices, climate shocks and tighter global financial conditions.
According to a statement by the Federal Ministry of Finance, IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, representing the bank’s president, Ajay Banga, commended Oyedele’s leadership of the discussions.
Oyedele said rising interest rates, widening fiscal deficits in advanced economies and growing financing demands for artificial intelligence and energy infrastructure were making borrowing increasingly expensive for developing countries.
He called for reforms to the IMF’s quota and governance structures, stronger representation for developing countries at the World Bank and improved access to development financing.
The minister also advocated more predictable and coordinated sovereign debt restructuring involving all creditors, alongside expanded climate financing and stronger international tax cooperation to tackle tax avoidance and illicit financial flows.
He further called for developing countries to have a greater voice in global decision-making, including within the G-20.
In his closing remarks, Oyedele identified three major lessons from the discussions, emphasising the need for countries to build resilience before crises occur through proactive policy preparation.
He also stressed the importance of adopting and regulating artificial intelligence responsibly to promote inclusive growth and create jobs.
The minister said international cooperation remained essential to managing shared risks, including energy insecurity, food price volatility, supply-chain disruptions, debt vulnerability and climate change.
Speaking at the meeting, Georgieva described the global economy as resilient, with growth projected at about 3.1 per cent through 2026, but warned that the outlook masked widening economic disparities.
She said some countries were benefiting from digital transformation, artificial intelligence investments and critical-mineral supply chains, while others remained constrained by high energy costs, conflict and limited access to technology.
Georgieva warned that persistent energy and food price pressures were keeping interest rates and debt-servicing costs elevated, worsening the financial challenges confronting developing economies.
She urged governments to rebuild fiscal buffers, preserve central bank independence and invest in digital infrastructure and skills.
The IMF chief also called for faster debt treatment under the G-20 Common Framework and further reforms to the fund’s quota system.
Meanwhile, Van Trotsenburg disclosed that the World Bank had mobilised about $27.4bn in crisis-related financing.
He said 10 countries had activated dedicated crisis-response instruments, while 19 others had redirected existing resources to address urgent needs.
The World Bank official also warned of El Niño-related risks to food security and grain prices, adding that the institution remained focused on expanding access to electricity, healthcare and digital connectivity.
He said the bank was prioritising job creation in tourism, healthcare, food systems and manufacturing, while working to mobilise private capital and climate finance.
Contributions from member countries reinforced calls for changes to the global financial architecture.
Brazil, China and Pakistan backed stronger representation for developing economies 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, raised concerns about 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 shield developing economies from external shocks, stressing that affordable financing, effective debt resolution, fairer representation in international institutions and sustained international cooperation were equally necessary.