By Abiodun Abdullai
Nigeria has officially assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), marking a new phase for the coalition of emerging and developing economies. The country will leverage this leadership role to push for comprehensive reform of the global financial architecture — one that is fairer, more inclusive, and responsive to the development priorities of low- and middle-income nations.
The chairmanship is represented by Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, who outlined a five-point agenda to guide Nigeria's leadership.
"Our goal is to build a future of equity, resilience, and inclusive, job-rich growth," Edun stated. "We will continue to engage constructively to ensure developing economies have a stronger voice in shaping international financial decisions."
According to Edun, the central theme of Nigeria's tenure will be "optimising resource development for inclusive, job-rich economic transformation." This will encompass human, financial, physical, and natural resources, all directed toward sustainable growth.
The Minister highlighted five strategic priorities for Nigeria's leadership of the G-24:
1. Reforming the global financial architecture to create a fairer and more inclusive system, including strengthening the Global Financial Safety Net, expanding concessional financing through multilateral banks, and modernising payment systems to support local currency trade.
2. Enhancing domestic resource mobilisation and international tax cooperation, with a focus on transparency, curbing illicit financial flows, and expanding fiscal space for development.
3. Mobilising innovative finance for development, by promoting instruments such as green bonds, blended finance, and sustainability-linked debt swaps.
Read also
4. Strengthening regional integration and value-added manufacturing, to boost competitiveness and foster South-South cooperation.
5. Advancing climate finance and supporting just energy transitions, reflecting the realities of energy-deficient but resource-rich nations.
Edun acknowledged the challenging global landscape marked by debt distress, limited access to capital, and widening inequality. He noted that more than half of low-income countries are already in or nearing debt distress, while a $4–5 trillion annual financing gap threatens the achievement of the Sustainable Development Goals (SDGs).
"The global economy is at a crossroads," he said. "A comprehensive reform of the financial system is now an urgent imperative."
Nigeria takes over the G-24 leadership from Mr. Luis Caputo, Minister of Treasury of Argentina, whose tenure Edun commended for strengthening the bloc's relevance in global economic discussions.
The G-24 currently comprises 29 member countries across Africa, Asia, and Latin America, including Nigeria, India, Brazil, South Africa, and Egypt, with China participating as a special invitee.
With Nigeria now at the helm, Edun expressed confidence that the group will advance reforms that promote inclusive growth, regional cooperation, and shared prosperity across the developing world.
