Nigeria’s Finance Minister, Taiwo Oyedele, has called for more affordable development financing and faster resolution of sovereign debt crises, as he led discussions on the economic challenges facing developing countries at the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
Oyedele, who chairs the Group of 24 (G-24), used the meeting to highlight the growing debt burden on developing economies and its impact on investment, job creation and inclusive growth.
His leadership received commendation from International Monetary Fund Managing Director, Kristalina Georgieva, and World Bank Senior Managing Director, Axel van Trotsenburg, who represented the bank’s president, Ajay Banga.
The officials joined G-24 governors in recognising Oyedele’s leadership of discussions on the financing challenges confronting developing countries and the need for a fairer global financial system.
The World Bank’s recognition was further reflected in Banga’s meeting with Oyedele and Central Bank of Nigeria Governor, Olayemi Cardoso, during which he acknowledged Nigeria’s reform progress.
According to the report, Banga cited private capital inflows that rose from about $300m in 2023 to nearly $6bn in 2026.
Oyedele warned that developing economies were facing a heavy debt-servicing burden, with a Reuters report quoting him as saying they paid approximately $500bn more in debt servicing than developed countries.
He urged international financial institutions to make concessional financing more accessible and affordable, particularly for vulnerable economies.
The minister also cautioned against imposing additional tax burdens on vulnerable households and productive sectors amid global economic uncertainty. He advocated better revenue mobilisation, reduced waste and a careful balance between taxation and borrowing.
At the Africa’s Golden Future Forum in Bangkok, Oyedele presented Nigeria’s experience with fuel subsidy removal, foreign exchange liberalisation and tax reform as lessons for other African countries pursuing sustainable economic growth.
He also highlighted cash transfers and education support as measures designed to cushion the effects of economic reforms on vulnerable citizens.
The G-24 brings together developing countries to coordinate positions on international monetary, financial and development issues.
Make the opening more directTighten the repeated leadership references
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