Nigeria urges IMF reform, more support for developing economies

Nigeria has pressed for changes to the global financial system and greater backing for poorer nations as finance officials from emerging markets gathered in Washington on tuesday during the second day of the spring meetings of the International Monetary Fund (IMF) and World Bank Group.

The call came as the Intergovernmental Group of Twenty-Four (G24), which Nigeria currently chairs, met against a backdrop of mounting economic strain across developing economies.

Read also: FX volatility set to rise as Central Banks step back from currency defense – IMF

Policymakers are contending with tighter global liquidity, persistent inflationary pressures, geopolitical uncertainty and growing exposure to climate-related shocks, all of which are weighing on growth prospects.

The meeting convenes at a critical moment for the global economy, as emerging markets and developing economies continue to face multiple and overlapping shocks.

Discussions focused on reforming the international financial architecture, with particular attention on IMF quota realignment and governance changes aimed at giving developing economies a stronger voice. These demands reflect longstanding concerns that decision-making structures at major multilateral institutions lag shifts in global economic power.

Chaired by Wale Edun, minister of finance and coordinating minister of the economy, the G24 meeting also emphasised the need to scale up access to development financing, arguing that existing flows remain insufficient and unpredictable for countries facing rising infrastructure needs and climate vulnerabilities.

The issue has become more acute as higher borrowing costs and currency pressures constrain fiscal flexibility across many low- and middle-income economies.

Debt sustainability featured prominently in the talks, with officials highlighting the urgency of improving restructuring frameworks.

Delays in debt resolution have complicated recovery efforts in several countries, underscoring the need for more coordinated and efficient processes involving creditors and international institutions.

The meeting further addressed strategies to support job creation and inclusive growth, with an emphasis on long-term structural transformation.

Strengthening cooperation among multilateral lenders and development partners was identified as key to mobilising investment and sustaining economic momentum.

Read also: Oil price gains offer Nigeria relief but not enough to shield economy – IMF

Nigeria, in its role as G24 chair, is seeking to consolidate member positions and push for coordinated advocacy on these priorities throughout the spring meetings, which began monday in Washington. Inputs from earlier sessions by G24 deputies were incorporated into policy discussions and draft communiqués reviewed at the meeting.

“Nigeria reaffirms its commitment to fostering consensus, amplifying the voice of developing countries, and advancing a fair, inclusive, and effective global financial system,” the ministry said.
The Washington meetings are expected to shape policy direction in the months ahead as global financial leaders grapple with balancing inflation control, growth risks and the financing needs of vulnerable economies.Nigeria urges IMF reform, more support for developing economies.