Nigeria's Finance Minister Oyedele Calls for IMF, World Bank Reforms to Protect Developing Economies
Taiwo Oyedele, Nigeria's Minister of Finance and Coordinating Minister of the Economy, called for comprehensive reforms of the IMF and World Bank while presenting the G-24 2026 annual meeting communiqué in Bangkok, Thailand. He urged the IMF to review its quota system to reflect members' current economic positions and protect developing countries' representation. He also called for IMF-supported programmes to protect social spending and investment, while avoiding excessive adjustments that could undermine economic recovery.
Oyedele highlighted that geopolitical conflicts, trade uncertainties, volatile commodity prices, and climate shocks threaten global economic growth, disproportionately affecting emerging markets and developing economies, undermining efforts to create jobs and achieve inclusive transformation. On debt, he called for coordinated debt restructuring, greater transparency and improved credit-rating assessments to address rising debt vulnerabilities. On climate finance, he urged development banks to mobilize at least 300 billion dollars in private finance annually by 2035. On tax, he argued that stronger international tax cooperation would curb profit-shifting, calling for an end to tax avoidance and illicit financial flows.
The Minister noted that restoring confidence in the global economy required a multilateral system that respected national sovereignty and the principles of the United Nations Charter. For Nigerians, these reforms could mean more favorable loan terms from international institutions, better protection for social spending programs, and increased climate finance for sustainable development projects. Will these proposed IMF and World Bank reforms actually materialize to benefit Nigeria's economic recovery efforts, or will developing countries continue to face disproportionate challenges in the global financial system?