The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has chaired the Intergovernmental Group of Twenty-Four (G24) Ministerial Meeting held on the sidelines of the World Bank Group Spring Meetings, where leaders issued a renewed call for stronger multilateral support amid rising global economic instability.
The meeting comes at a time of heightened global economic uncertainty, with discussions centring on the widening impact of geopolitical tensions and their spillover effects on developing economies.
Global Risks and Economic Pressure Mount
Participants expressed concern over escalating geopolitical tensions, particularly in the Middle East, which continue to disrupt global energy markets, fuel inflationary pressures, and weaken global growth outlooks. Ministers warned that prolonged instability could further strain already fragile economic systems in low- and middle-income countries.
According to discussions at the meeting, the current global environment presents significant risks to trade stability, investment flows, and fiscal resilience, especially for import-dependent economies.
Push for Stronger Multilateral Financial Support
Under Nigeria’s chairmanship, the G24 advanced a coordinated position calling for enhanced multilateral support mechanisms to cushion vulnerable economies against external shocks.
Key priorities outlined include increased concessional financing, accelerated debt restructuring frameworks, and improved crisis-response tools from global financial institutions, including the International Monetary Fund and the World Bank Group.
The group stressed that existing financial architecture must evolve to better reflect the realities facing developing nations, particularly in times of global economic stress.
Protecting Vulnerable Economies and Stabilising Growth
The ministerial discussions reaffirmed a shared commitment to protect vulnerable economies, stabilise global markets, and strengthen resilience against external shocks.
Participants emphasised that coordinated multilateral action remains essential to ensuring that developing countries are not disproportionately affected by global crises, and can maintain sustainable growth trajectories despite ongoing uncertainty.
Nigeria’s Leadership Role at the G24
As chair of the meeting, Nigeria played a central role in steering discussions toward a unified global development agenda focused on fairness, stability, and financial inclusion.
The G24 position reflects a broader consensus among member countries that stronger international cooperation is urgently needed to address rising debt vulnerabilities and widening economic disparities in the global financial system.
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