NIGERIA has taken over the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), pledging to strengthen the representation of developing countries and promote inclusive global economic reforms.
The Central Bank of Nigeria (CBN) announced the development today through posts on its official X (formerly Twitter) handle, confirming that the country will officially assume office on November 1, 2025.
Formed in 1971, the G-24 serves as a coalition of developing nations working together to shape unified positions on international monetary policies and development financing.
The group aims to ensure that emerging economies have a strong voice in global economic governance.
Speaking on behalf of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, CBN Governor Olayemi Cardoso reaffirmed Nigeria’s commitment to reinforcing the influence of the G-24.
He emphasized that Nigeria would focus on sustaining progress in key areas of concern to member states.
“Our priority will be advancing inclusive growth, equity, and global stability,” Cardoso said. “We are determined to maintain the G-24 as a powerful platform that represents the shared interests of emerging and developing economies.”
In 2024, Nigeria had urged G-24 member states to deepen investment and trade collaborations, highlighting the country’s potential in sectors such as manufacturing, agriculture, and oil and gas.
Edun also noted Nigeria’s vast arable land—second only to Brazil globally—underscoring its capacity to transition from a food-importing to a food-exporting nation.
The new leadership role positions Nigeria at the forefront of advocating for fairer economic policies and stronger representation for developing nations in global decision-making arenas.