Nigeria’s Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, has led a fresh push for cheaper development financing, faster debt restructuring and greater representation for developing countries in global financial institutions, warning that mounting economic pressures are making it increasingly difficult for poorer nations to fund growth.
Oyedele made the call while chairing the G-24 Board of Governors meeting on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings, where finance leaders confronted the growing financing challenges facing emerging and developing economies.
The meeting brought together IMF Managing Director, Kristalina Georgieva; World Bank Senior Managing Director, Axel van Trotsenburg, representing the bank’s President, Ajay Banga; and other G-24 governors, who commended Oyedele’s leadership of discussions on reforming the global financial architecture.
Oyedele argued that developing countries were facing mounting borrowing costs amid geopolitical tensions, volatile commodity prices, climate shocks and tighter global financial conditions.
He noted that rising interest rates, widening fiscal deficits in advanced economies and increasing demand for financing artificial intelligence and energy infrastructure were making capital more expensive for countries already struggling with debt and development needs.
The Nigerian minister called for urgent progress on IMF quota and governance reforms, stronger representation for developing countries at the World Bank, improved access to development finance and more predictable debt restructuring involving all creditors.
He also advocated expanded climate financing, stronger international tax cooperation to curb tax avoidance and illicit financial flows, and a greater voice for developing economies in global decision-making, including within the G-20.
In his closing remarks, Oyedele highlighted three lessons from the discussions, stressing the need for countries to build resilience before crises emerge through proactive policy preparation, embrace artificial intelligence responsibly to promote inclusive and job-rich growth, and strengthen international cooperation to manage shared economic risks.
He identified energy insecurity, food price volatility, supply-chain disruptions, debt vulnerabilities and climate change as challenges that no country could effectively tackle in isolation.
IMF Warns Of Uneven Global Growth
Georgieva described the global economy as resilient, with growth projected at approximately 3.1 per cent through 2026, but warned that the headline figure concealed widening disparities between countries benefiting from digital transformation and those constrained by high energy costs, conflict and limited access to technology.
She said economies positioned to take advantage of artificial intelligence investment and critical-mineral supply chains were better placed to benefit from emerging opportunities, while vulnerable countries faced mounting difficulties.
Georgieva also warned that persistent energy and food price pressures were keeping interest rates and debt-servicing costs elevated, leaving indebted economies with less fiscal space to invest in development.
She urged governments to rebuild fiscal buffers, protect central bank independence, invest in digital infrastructure and skills, and accelerate debt treatment under the G-20 Common Framework.
The IMF chief also called for further reform of the institution’s quota system to improve its ability to respond to the changing needs and representation demands of its members.
World Bank Mobilises $27.4bn For Crisis Response
Van Trotsenburg disclosed that the World Bank had mobilised approximately $27.4 billion in crisis-related financing, with 10 countries activating dedicated crisis-response instruments and 19 others redirecting existing resources to urgent needs.
He warned that El Niño-related risks could worsen food insecurity and drive up grain prices, adding to the economic pressures confronting vulnerable countries.
According to him, the World Bank remained focused on expanding electricity access, healthcare, digital connectivity and employment opportunities in sectors including tourism, healthcare, food systems and manufacturing.
He also underscored the importance of mobilising private capital and climate finance to supplement public resources and support sustainable economic growth.
Developing Countries Demand Greater Voice
Contributions from member countries reinforced calls for a more equitable international financial system, with Brazil, China and Pakistan backing stronger Global South representation and reforms of the Bretton Woods institutions.
The Philippines advocated deeper regional financial integration, while Kenya called for stronger policy buffers and expanded local-currency financing to reduce exposure to external financial shocks.
Egypt highlighted supply-chain disruptions and capital outflows, while Lebanon and Syria drew attention to the financing difficulties confronting conflict-affected economies.
Pakistan, which is assuming the G-24 chairmanship, pledged to keep development priorities at the centre of the group’s agenda.
The meeting concluded that domestic economic reforms, though essential, would not be sufficient to shield developing economies from external shocks without affordable financing, effective debt-resolution mechanisms, fairer representation in international institutions and sustained global cooperation.
The position reinforces Nigeria’s call for a global financial system that responds more effectively to the financing needs of developing countries, rather than leaving them disproportionately exposed to borrowing costs and crises largely beyond their control.
