By Chika Okeke
The Federal Government has demanded expanded climate financing, stronger international tax compliance and a greater voice for developing countries in global decision-making, including the G-20.
Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele stated this while chairing the G-24 Board of Governors meeting on the sidelines of the IMF and World Bank Annual Meetings in Bangkok, Thailand.
He made a case for reform of the global financial architecture to deliver more affordable financing, fairer representation and faster sovereign debt resolution for developing economies.
Oyedele said that rising interest rates, widening fiscal deficits in advanced economies and growing financing demand for artificial intelligence and energy infrastructure, made borrowing more expensive for developing countries.
He called for progress on IMF quota and governance reform, stronger representation for developing countries at the World Bank, improved access to development finance, and more predictable and coordinated debt restructuring involving all creditors.
Oyedele drew three lessons from the discussions: that resilience must be built before a crisis, through proactive policy preparation; while artificial intelligence must be adopted and regulated responsibly to support inclusive job growth.
Lastly, that international cooperation remains essential to managing shared risks such as energy insecurity, food price volatility, supply-chain disruption, debt vulnerability and climate change.
IMF Managing Director, Kristalina Georgieva and World Bank Senior Managing Director, Axel van Trotsenburg, representing President Ajay Banga, joined other G-24 governors in commending Oyedele’s leadership and discussions that addressed mounting financing pressures on emerging and developing economies amid geopolitical tension, volatile commodity prices, climate shocks and tighter global financial conditions.
Georgieva described the global economy as resilient, with growth projected at about 3.1 percent through 2026, but cautioned that the figure masked a widening gap between economies benefiting from digital transformation, AI investment and critical-mineral supply chains, likewise those constrained by high energy costs, conflict or limited access to technology.
She warned that persistent energy and food price pressures were keeping interest rates and debt-servicing costs elevated, pleading with the governments to rebuild fiscal buffers, preserve central bank independence, invest in digital infrastructure and skills, and push for faster debt treatment under the G-20 Common Framework alongside IMF quota reform.
Trotsenburg explained that the World Bank had mobilised about US$27.4 billion in crisis-related financing, with ten countries activating dedicated crisis-response instruments and nineteen others redirecting existing resources to urgent needs.
He blamed El Niño-related risks to food security and grain prices, assuring that the bank remained focused on electricity access, healthcare, digital connectivity and job creation in tourism, healthcare, food systems and manufacturing, alongside mobilising private capital and climate finance.
Member interventions reinforced the reform agenda. Brazil, China and Pakistan backed stronger Global South representation and Bretton Woods reform, even as the Philippines called for deeper regional financial integration.
Kenya requested building policy buffers and expanding local-currency financing; Egypt cited supply-chain disruption and capital outflows while Lebanon and Syria raised the financing challenges facing conflict-affected economies.
Pakistan, which was handed the incoming G-24 Chair, pledged to keep development at the centre of the agenda.
The meeting indicated that domestic reform alone will not shield developing economies from external shocks, as affordable finance, effective debt resolution, fairer representation in international institutions, and sustained cooperation are equally necessary.
