Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has officially assumed office as Chairman of the Intergovernmental Group of Twenty-Four (G-24), marking a new phase for the coalition of emerging and developing economies.
Speaking on the challenges ahead, Edun noted that the assumption of Nigeria’s chairmanship coincides with a period of “unprecedented global challenges.”
He said emerging and developing economies are navigating an increasingly difficult landscape marked by structural weaknesses, debt distress, and limited access to capital.
“The global economy is at a crossroads,” the Minister said. “Geoeconomic fragmentation, debt vulnerabilities, and a widening financing gap threaten stability and progress, especially for developing nations.”
He pointed out that more than half of low-income countries are already in or nearing debt distress, while over a quarter of emerging and developing economies have lost access to international capital markets.
Edun warned that the world faces a $4 trillion to $5 trillion annual financing gap in achieving the Sustainable Development Goals (SDGs), stressing that “a comprehensive reform of the global financial system is now an urgent imperative.”
Another major concern, he noted, is the demographic transition underway, with an estimated 1.2 billion young people expected to join the global workforce over the next 10 to 15 years—competing for only 400 million available jobs.
“This demographic challenge requires bold structural transformation and policy coordination to deliver job-rich growth,” Edun said. “In this uncertain landscape, the G-24’s mandate to support the economic policies of its members is more critical than ever.”
Under Nigeria’s leadership, the central theme guiding the G-24 will be “Optimising Resource Development for Inclusive, Job-Rich Economic Transformation.” Edun explained that this vision encompasses human, financial, physical, and natural resources, all directed toward sustainable and inclusive growth.
He stated that Nigeria’s chairmanship will pursue five major strategic goals. The first is reforming the global financial architecture to create a fairer and more inclusive international system. This, he said, will involve strengthening the Global Financial Safety Net at the International Monetary Fund, expanding concessional financing through Multilateral Development Banks, advancing governance reforms, and modernising payment systems to support local currency trade.
The second priority, according to the Minister, is enhancing domestic resource mobilisation and international tax cooperation. Under this objective, the G-24 will deepen engagement on the global tax agenda, promote transparency, combat illicit financial flows, and reform domestic tax systems to expand fiscal space for development.
A third focus area is mobilising innovative finance for development. Edun explained that the G-24 will promote innovative financing models that reward reform-minded countries while supporting financial instruments such as blended finance, green bonds, and sustainability-linked debt swaps to align financial flows with development goals.
The fourth strategic goal centres on strengthening regional integration and value-added manufacturing. Nigeria intends to champion regional economic cooperation to enhance competitiveness, attract investment in value-added manufacturing, and promote South-South collaboration to boost industrial productivity across member nations.
Finally, the G-24 under Nigeria’s leadership will prioritise advancing climate finance and supporting just energy transitions. Edun said his chairmanship will advocate for a climate transition that reflects the realities of energy-deficient but resource-rich nations, promote resilient infrastructure, and encourage sustained commitment to climate targets, particularly as global energy demand rises with the spread of artificial intelligence technologies.
Edun said Nigeria’s leadership will seek to deepen the G-24’s influence in global financial governance and ensure that developing economies have a stronger voice in shaping international financial decisions. “Our goal is to build a future of equity, resilience, and inclusive job-rich growth,” he stated. “We will continue to engage constructively with all partners to ensure that the interests of emerging and developing economies are properly represented in global decision-making.”
Despite its name, the G-24 currently comprises 29 full member countries from Africa, Asia, and Latin America and the Caribbean.
Its African members include Nigeria, South Africa, Ghana, Egypt, Kenya, Ethiopia, Algeria, and Morocco, among others. China participates as a special invitee.
With Nigeria now at the helm, Edun said he is committed to steering the bloc toward a more responsive and inclusive global financial system that prioritises sustainable development, regional cooperation, and prosperity for all.
He formally took over the chairmanship from Mr. Luis Caputo, Minister of Treasury of Argentina.
Edun said he was honoured to take on the role and paid tribute to his predecessor for his “exemplary leadership and stewardship.” According to him, Argentina’s tenure “significantly strengthened the G-24’s voice and relevance at a critical time in global economic discourse.”
