By Chimezie Godfrey,
Nigeria has called on developing countries to unite in reshaping the global financial system amid rising economic uncertainty.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the call at the Intergovernmental Group of Twenty-Four Technical Group Meeting in Abuja.
He said the global economy is experiencing systemic vulnerability driven by geopolitical competition and declining cooperation among nations.
“This is not a routine meeting. It is a moment to reshape the development trajectory of the Global South,” Edun said.
According to him, economic confrontation through tariffs and sanctions now threatens growth prospects for emerging markets.
He warned that continued fragmentation could significantly reduce global output and trade flows.
Edun said developing countries, particularly in Africa, would suffer the most due to reliance on trade integration and capital inflows.
“Africa’s participation in global trade remains disproportionately low and fragmentation could worsen the imbalance,” he added.
The minister highlighted ongoing economic reforms by President Bola Ahmed Tinubu’s administration, noting improvements in stability and investment sentiment.
“Our reform programme is designed to stabilise today and accelerate inclusive growth tomorrow,” he said.
He disclosed Nigeria plans to grow through private sector investment, public-private partnerships and improved domestic revenue mobilisation.
Edun also urged stronger regional trade under the African Continental Free Trade Area to protect economies from external shocks.
He called for reforms in global financial architecture and more equitable climate finance for developing countries.
“Fragmentation is not inevitable if we pursue integration and collective action,” he said.
Edun concluded that cooperation among developing nations would determine future prosperity.
“The Global South must present a unified voice and build an economy that is inclusive and resilient,” he added.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, warned that the global financial system risks deepening inequality if payment infrastructure reforms fail to keep pace with digitalisation.
He noted that for developing economies, access to efficient cross-border payments is now as important as access to capital itself.
Cardoso explained that many emerging economies remain excluded from global trade because moving money across borders is still costly, slow and heavily intermediated. According to him, financial inclusion cannot be achieved without fixing international payment architecture.
He said developing countries must therefore prioritise interoperable payment systems capable of supporting regional trade and diaspora remittances, stressing that the structure of the payment system determines the inclusiveness of economic growth.
The apex bank governor added that reforms being pursued in Nigeria are designed to support small businesses and intra-African trade by simplifying cross-border transactions and reducing settlement risks.
He further emphasised that global regulators must cooperate so innovation does not create financial instability, noting that weak oversight of digital finance could expose emerging economies to currency volatility and capital flight.
Cardoso also aligned with the reform agenda discussed at the meeting, stating that strengthening domestic financial institutions is critical if developing economies want a stronger voice in the global financial architecture.
Director of the G-24, Iyabo Masha, said the gathering came at a time when developing economies are facing pressures similar to earlier global crises, including debt vulnerability, trade fragmentation and exchange-rate instability.
She explained that the core objective of the G-24 remains ensuring that developing countries speak with a coordinated voice in international monetary negotiations and in engagements with the IMF and World Bank.
Masha noted that the dominance of major reserve currencies continues to shape economic outcomes in poorer economies, often limiting their monetary policy independence and exposing them to external shocks.
She stressed that reform of the international financial architecture must therefore address representation, access to concessional financing and fairer global taxation rules, especially for digital economic activities.
According to her, the group is pushing for policies that reflect the realities of the Global South, including climate financing gaps and rising development financing needs.
She added that stronger South-South cooperation is now essential, arguing that collective bargaining among developing nations is the only way to secure meaningful changes in global economic governance.