The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for reforms of the International Monetary Fund (IMF) and the World Bank to strengthen developing economies and promote inclusive global growth.
Oyedele made the call while presenting the communiqué of the Group of 24 (G24) 2026 annual meeting.
He said geopolitical conflicts, trade uncertainties, volatile commodity prices and climate shocks were threatening global economic growth, with emerging markets and developing economies bearing a disproportionate share of the impact.
According to the minister, these challenges are undermining efforts by developing countries to create jobs and achieve inclusive economic transformation.
Oyedele urged the IMF to review its quota system to reflect the changing economic positions of member countries and safeguard the representation of developing nations in the institution’s decision-making process.
He also called for IMF programmes to protect social spending and investment, warning against excessive economic adjustments that could undermine recovery.
On debt sustainability, the minister advocated coordinated debt restructuring, greater transparency and improved credit-rating assessments to address rising debt vulnerabilities.
Addressing climate finance, Oyedele called for equitable climate action and urged development banks to mobilise at least $300 billion in private financing annually by 2035.
He further advocated stronger international tax cooperation to curb profit-shifting, tax avoidance and illicit financial flows.
Oyedele said restoring confidence in the global economy required a stronger multilateral system that respected national sovereignty and upheld the principles of the United Nations Charter.
