Nigerian Finance Minister Wale Edun, chairing the Group of Twenty-Four (G24) Ministerial Meeting on the sidelines of the World Bank Group Spring Meetings, has demanded urgent multilateral support to shield developing nations from heightening global economic instability and geopolitical shocks.
The call for action follows rising concerns over the Middle East conflict, which officials warn is destabilizing energy markets, fueling global inflation, and severely weakening long-term growth prospects.
Speaking at the World Bank Spring Meetings, Edun advocated for increased concessional financing and faster debt restructuring to help vulnerable economies maintain stability during these turbulent times.
The G24 position emphasizes that the International Monetary Fund and World Bank must deploy more effective crisis-response tools to ensure developing countries can sustain growth despite external pressures.
These demands come as African debt reaches critical levels, with high interest rates and currency depreciations forcing many nations to spend more on debt servicing than on essential services.
Nigeria’s leadership at the summit reflects a strategic push to prioritize the protection of fragile markets against the disruptive ripple effects of escalating international tensions and market volatility.
