Nigeria’s Minister of Finance and Coordinating Minister of the Financial system, Wale Edun, has assumed the chairmanship of the Intergovernmental Group of Twenty-4 (G-24), with a promise to deal with 5 precedence areas.
Edun takes over from Argentina’s Minister of Treasury, Luis Caputo, whose tenure strengthened the group’s coordination amongst growing economies.
The G-24, which includes rising markets from Africa, Asia, and Latin America, advocates for the collective pursuits of growing international locations in world {economic} and {financial} discussions.
Edun, in a press release shared with member international locations, declared that beneath Nigeria’s Chairmanship, the central theme guiding the organisation’s work might be: “Optimising Useful resource Growth for Inclusive, Job-Wealthy {Economic} Transformation.”
“This theme encompasses all types of resources-human, {financial}, bodily, and natural-that are important for sustainable {economic} progress,” he acknowledged.
The Minister outlined 5 strategic priorities to information the group’s agenda over the subsequent 12 months, which embody:
Edun’s assumption comes at a time of heightened world {economic} uncertainty, deepening debt misery, and speedy technological disruption that continues to reshape the world of labor.
Edun, in his assertion, famous that over 1 / 4 of rising and growing economies have misplaced entry to worldwide capital markets, whereas greater than half of low-income international locations are both in or approaching debt misery.
Edun pledged to make use of Nigeria’s chairmanship to amplify the voice of rising and growing economies in world {financial} governance and be certain that coverage outcomes translate into “actual progress for our folks.”
He mentioned Nigeria would work intently with member states and growth companions such because the IMF and the World {Bank} to advance reforms that promote resilience, inclusion, and job-rich development.
Nigeria’s chairmanship of the G-24 was confirmed throughout the IMF/World {Bank} Annual Conferences in October with assumption date set for November 1, 2025.
The G-24, formally often called the Intergovernmental Group of Twenty-4 on Worldwide Financial Affairs and Growth, includes growing nations throughout Africa, Asia, Latin America, and the Caribbean.
Established in 1971 as a chapter of the Group of 77, the G-24 goals to coordinate the positions of growing international locations on worldwide financial and growth finance points, guaranteeing their pursuits are represented in world negotiations.
