The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for sweeping 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 Twenty-Four (G24) 2026 annual meeting, where he highlighted growing economic pressures confronting emerging markets and developing countries.
Newspadi gathered that the minister identified geopolitical conflicts, trade uncertainties, volatile commodity prices and climate shocks as major threats to global economic growth, warning that these challenges disproportionately affect developing economies.
He said the economic pressures were undermining efforts by affected countries to create jobs, strengthen resilience and achieve inclusive economic transformation.
Oyedele urged the IMF to review its quota system to reflect changes in member countries’ economic positions and ensure that developing nations receive adequate representation in the institution’s decision-making process.
He also called on the fund to design programmes that protect social spending and productive investment, warning that excessive economic adjustments could weaken recovery efforts and worsen conditions in vulnerable economies.
On mounting debt challenges, the minister advocated coordinated debt restructuring, greater transparency and improved credit-rating assessments to help countries manage rising financial vulnerabilities.
He also called for a fairer approach to climate finance, urging development banks to mobilise at least $300bn in private financing annually by 2035 to support climate action.
Oyedele further advocated stronger international tax cooperation to tackle profit-shifting, tax avoidance and illicit financial flows, which deprive governments of resources needed to finance development.
He 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.
The minister stressed that reforming international financial institutions and strengthening cooperation among countries were essential to addressing shared economic challenges and creating better opportunities for developing economies.
