Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), with a promise to focus on five priority areas.
Edun takes over from Argentina’s Minister of Treasury, Luis Caputo, whose tenure strengthened the group’s coordination among developing economies.
The G-24, which comprises emerging markets from Africa, Asia, and Latin America, advocates for the collective interests of developing countries in global economic and financial discussions.
Edun, in a statement shared with member countries, declared that under Nigeria’s Chairmanship, the central theme guiding the organisation’s work will be: “Optimising Resource Development for Inclusive, Job-Rich Economic Transformation.”
“This theme encompasses all forms of resources-human, financial, physical, and natural-that are essential for sustainable economic progress,” he stated.
The Minister outlined five strategic priorities to guide the group’s agenda over the next year, which include:
Edun’s assumption comes at a time of heightened global economic uncertainty, deepening debt distress, and rapid technological disruption that continues to reshape the world of work.
Edun, in his statement, noted that over a quarter of emerging and developing economies have lost access to international capital markets, while more than half of low-income countries are either in or approaching debt distress.
Edun pledged to use Nigeria’s chairmanship to amplify the voice of emerging and developing economies in global financial governance and ensure that policy outcomes translate into “real progress for our people.”
He said Nigeria would work closely with member states and development partners such as the IMF and the World Bank to advance reforms that promote resilience, inclusion, and job-rich growth.
Nigeria’s chairmanship of the G-24 was confirmed during the IMF/World Bank Annual Meetings in October with assumption date set for November 1, 2025.
The G-24, formally known as the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, comprises developing nations across Africa, Asia, Latin America, and the Caribbean.
Established in 1971 as a chapter of the Group of 77, the G-24 aims to coordinate the positions of developing countries on international monetary and development finance issues, ensuring their interests are represented in global negotiations.