Nigeria is set to lead developing countries in calls for reforms to global financial institutions and development financing as finance ministers and central bank governors from the Group of Twenty-Four (G-24) meet in Bangkok, Thailand.
The meeting, scheduled for Tuesday, October 13, will be chaired by Nigeria’s Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele. Discussions will focus on how developing economies can respond to growing global economic fragmentation and secure a stronger voice in international financial decisions.
Under the theme Navigating Global Economic Interdependence in a Fragmented World, participants will examine economic conditions, financial stability, international liquidity, development financing and debt sustainability.
IMF and World Bank Reforms Top Agenda
A major priority is reforming the governance structures of the International Monetary Fund (IMF) and the World Bank to improve the representation of developing economies.
The G-24 is expected to discuss IMF quota reforms and the World Bank’s shareholding review, which could influence how member countries participate in decision-making within the institutions.
Developing economies have called for greater representation that reflects their changing roles in the global economy, alongside improved access to financing for infrastructure, economic development and essential public services.
The discussions will also cover climate finance, international tax cooperation and the future of global trade, as countries navigate economic uncertainty and changing international relationships.
Developing Countries Seek Better Financing Terms
Access to affordable financing remains a major concern for developing economies facing high borrowing costs, rising debt obligations and pressure on public finances.
The G-24 provides a platform for members to coordinate their positions on international monetary affairs and development finance, allowing them to pursue shared interests in discussions with major multilateral institutions.
Its membership includes Nigeria, South Africa, Ghana, Kenya, Egypt, India, Brazil and other countries across Africa, Asia, Latin America and the Caribbean. China participates as a special invitee.
The group is expected to set out its collective position in a communiqué ahead of a press conference scheduled for 11:30 a.m. local time on October 13 at the Queen Sirikit National Convention Center in Bangkok.
Nigeria’s Role in Global Financial Discussions
Nigeria’s chairmanship gives the country an opportunity to help shape discussions on international financial governance and the financing needs of developing economies.
The meeting comes as developing countries seek stronger support from multilateral institutions amid geopolitical tensions, tighter financial conditions and growing pressure to fund infrastructure and social development.
The outcome of the discussions will indicate the priorities G-24 members intend to advance during the IMF and World Bank Annual Meetings.
For Nigeria and other developing economies, the central challenge will be turning calls for fairer representation and more accessible financing into concrete changes in lending arrangements, institutional governance and international economic cooperation.
