Nigeria Calls for Global Financial Reforms to Ease Financing for Developing Economies

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for reforms to the global financial architecture to provide more affordable financing and faster debt resolution for developing economies.

Oyedele made the call while chairing the G-24 Board of Governors meeting held on the sidelines of the IMF and World Bank Annual Meetings.

He said developing countries were facing growing financing pressures due to geopolitical tensions, volatile commodity prices, climate shocks and tighter global financial conditions.

According to him, rising interest rates, widening fiscal deficits in advanced economies and increasing financing requirements for artificial intelligence and energy infrastructure have made borrowing more expensive for developing countries.

Oyedele called for progress on IMF quota and governance reforms, stronger representation for developing countries at the World Bank and improved access to development finance.

He also advocated more predictable and coordinated debt restructuring involving all creditors, expanded climate financing and stronger international tax cooperation to tackle tax avoidance and illicit financial flows.

The minister further called for a greater voice for developing countries in global decision-making platforms, including the G-20.

In his closing remarks, Oyedele identified three key lessons from the discussions, stressing that resilience must be built before crises through proactive policy preparation.

He also said artificial intelligence should be adopted and regulated responsibly to support inclusive and job-rich economic growth.

Oyedele added that international cooperation remained essential to addressing shared challenges, including energy insecurity, food price volatility, supply-chain disruptions, debt vulnerabilities and climate change.

The IMF Managing Director, Kristalina Georgieva, and World Bank Senior Managing Director, Axel van Trotsenburg, representing World Bank President Ajay Banga, commended Oyedele’s leadership of the discussions.

Georgieva described the global economy as resilient, with growth projected at about 3.1 per cent through 2026, but warned that the figure masked a widening gap between economies benefiting from digital transformation and AI investment and those struggling to keep pace.