Nigeria has assumed the chairmanship of the Intergovernmental Group of Twenty-4 (G-24), taking on from Argentina.
The transition was confirmed throughout the IMF/World Bank Annual Conferences, with Nigeria set to formally assume workplace on November 1, 2025.
The G-24, formally often known as the Intergovernmental Group of Twenty-4 on Worldwide Financial Affairs and Improvement, contains growing nations throughout Africa, Asia, Latin America, and the Caribbean.
Established in 1971 as a chapter of the Group of 77, the G-24 goals to coordinate the positions of growing international locations on worldwide financial and improvement finance points, guaranteeing their pursuits are represented in world negotiations.
Nigeria’s imaginative and prescient for the G-24
Talking on behalf of Nigeria’s Minister of Finance and Coordinating Minister of the Financial system, Wale Edun, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, accepted the chairmanship with a renewed dedication to amplifying the group’s affect.
“Our focus will likely be on sustaining momentum in areas that matter most to our members,” Cardoso said. “We stay up for working with members to advance our shared mission of inclusive development, fairness, and world stability.”
He emphasised Nigeria’s dedication to strengthening the G-24’s function as a platform for reform and collaboration amongst rising and growing economies.
“We’re decided to make sure that the G-24 continues to be a formidable platform for representing the frequent pursuits of rising and growing economies,” he added.
Work programme to be introduced post-consultation
Nigeria is anticipated to unveil its Work Programme after conducting consultations with member states.
The programme will define strategic priorities and initiatives geared toward fostering inclusive dialogue and driving reforms in world monetary governance.
What it is best to know
Earlier, Cardoso informed the G24 media briefing that the Nigerian Naira is now “extra aggressive” following months of financial reforms and forex stabilization efforts.
“We have been in a position to create resilience and buffers in opposition to potential shocks,” Cardoso stated on Tuesday. “By way of anchoring expectations, we discovered that those that adopted the Nigerian financial system have been pretty snug.” He famous that whereas oil remained Nigeria’s most uncovered commodity, the impression had been “comparatively modest.”
- He added that the forex’s energy is encouraging home manufacturing and discouraging imports, aligning with the federal government’s broader financial restructuring agenda.
- Cardoso revealed that Nigeria is now experiencing a constructive steadiness of commerce, a uncommon improvement attributed to the competitiveness of the Naira.
- Cardoso additionally praised the G24’s progress below Argentina’s management, noting its elevated affect throughout the Bretton Woods establishments.