Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called for enhanced multilateral support for developing economies as global uncertainty continues to pose significant risks to growth and economic stability.
Edun made the call while chairing the Ministerial Meeting of the Intergovernmental Group of Twenty-Four, convened on the sidelines of the World Bank Group Spring Meetings.
The meeting was held against a backdrop of heightened global instability, with ministers expressing concern over escalating geopolitical tensions particularly the ongoing Middle East conflict which continue to disrupt energy markets, intensify inflationary pressures, and weaken global growth prospects.
In his remarks, Edun Emphasized the urgency of coordinated global action, stating, “At a time of heightened uncertainty, developing economies require stronger and more responsive multilateral support to navigate external shocks and sustain growth.”
Under Nigeria’s leadership, the G24 adopted a unified position advocating stronger multilateral intervention to mitigate the impact of global shocks. The group called for increased access to concessional financing, expedited debt restructuring frameworks, and more agile crisis-response mechanisms.
Highlighting the importance of inclusive recovery, Our collective priority must be to safeguard the most vulnerable, stabilise global markets, and ensure that no country is left behind in the pursuit of sustainable development,” Edun added.
The ministers also urged key global financial institutions, including the International Monetary Fund and the World Bank Group, to scale up support and deploy more flexible financial instruments to assist countries grappling with fiscal constraints.
In a communiqué issued at the end of the meeting, the group reiterated its position, stating, “We call for a strengthened global financial architecture that delivers timely, adequate, and accessible support to developing countries confronting overlapping crises.”
Observers note that the outcome reflects a growing consensus among emerging economies on the need for a more inclusive, responsive, and resilient international financial system capable of addressing persistent global economic challenges.