Nigeria’s finance minister calls for fairer global lending policies, cheaper financing and stronger support for developing economies.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for reforms of the International Monetary Fund (IMF) and World Bank, warning that rising debt costs are threatening economic growth in developing countries.
Speaking at the Group of Twenty-Four (G-24) meeting in Bangkok, Thailand, on Tuesday, October 13, 2026, Oyedele said estimates indicated that developing economies were paying approximately $500 billion more in debt costs than developed countries.
The minister, who chairs the G-24, expressed concern that high borrowing costs and growing debt obligations were limiting the ability of governments to invest in infrastructure, create jobs and improve living standards.
Oyedele Calls for Fairer IMF Lending Policies
Oyedele urged the IMF to review its quota system to better reflect the economic positions of member countries while protecting the representation of developing economies.
He also called for greater flexibility in IMF-supported programmes, particularly measures that would safeguard essential social spending and public investment.
According to the minister, excessive financial adjustments could undermine economic recovery in countries already struggling with debt and external economic pressures.
The G-24 further advocated coordinated debt restructuring, greater transparency and improvements in sovereign credit assessments to help vulnerable economies manage their financial obligations.
Rising Debt Costs Threaten Developing Economies
The minister warned that geopolitical conflicts, trade uncertainties, volatile commodity prices and climate-related disruptions were creating additional difficulties for emerging markets.
These pressures have increased borrowing costs and intensified fiscal challenges for governments attempting to balance debt repayments with development priorities.
The G-24 called on the IMF and World Bank to expand access to affordable and concessional financing, particularly for countries facing significant economic vulnerabilities.
Iyabo Masha, director of the G-24 secretariat, also warned that heavy debt repayments were restricting the resources available to finance economic growth.
G-24 Pushes for Climate Finance and Tax Reforms
Beyond debt management, Oyedele advocated stronger international cooperation on climate financing and global taxation.
He called for improved efforts to tackle profit-shifting, tax avoidance and illicit financial flows that deprive developing countries of much-needed government revenue.
The minister also stressed the importance of an international financial system that respects national sovereignty while promoting equitable economic development.
What the IMF and World Bank Reforms Could Mean for Nigeria
For Nigeria and other developing economies, the proposed reforms could improve access to affordable international financing and strengthen their influence in global financial decision-making.
Lower borrowing costs and more flexible financing arrangements could also help governments direct additional resources toward infrastructure, education, healthcare and job creation.
However, the proposals remain calls for reform rather than approved changes to IMF or World Bank lending policies.
The G-24’s position comes as global financial leaders meet in Bangkok to discuss mounting debt pressures, economic uncertainty and the future of international development financing.
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