Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has been commended by the leadership of the International Monetary Fund (IMF) and the World Bank for chairing the Group of 24 (G-24).

It highlights Nigeria’s growing voice in global economic discussions.

The commendation came during the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand, where Oyedele chaired the G-24 Board of Governors meeting.

He led calls for a fairer global financial system, affordable development financing and faster resolution of sovereign debt crises.

IMF Managing Director, Kristalina Georgieva, and World Bank Senior Managing Director, Axel van Trotsenburg, representing World Bank President Ajay Banga, joined other G-24 governors in commending Oyedele’s leadership of discussions on the financing challenges confronting developing economies.

The recognition was reinforced by Banga’s meeting with Oyedele and Central Bank of Nigeria Governor Olayemi Cardoso, during which Banga acknowledged Nigeria’s reform progress, pointing to private capital inflows that reportedly increased from about $300 million in 2023 to nearly $6 billion in 2026.

Oyedele’s performance at the meetings extended beyond diplomatic engagements.

As G-24 chairman, he drew attention to the burden of rising debt-servicing costs on developing countries, warning that they were undermining investment, job creation and inclusive growth.

A Reuters report quoted him as saying developing economies were paying approximately $500 billion more in debt servicing than developed countries.

He urged international financial institutions to provide more accessible and affordable concessional financing to vulnerable economies.

The minister also argued against imposing additional tax burdens on vulnerable households and productive sectors amid global economic uncertainty, advocating improved revenue mobilisation, reduced waste and a careful balance between taxation and borrowing.

At Africa’s Golden Future Forum in Bangkok, he presented Nigeria’s experience with fuel subsidy removal, foreign exchange liberalisation and tax reform as lessons for African countries pursuing sustainable growth.

He highlighted cash transfers and education support as measures intended to cushion vulnerable citizens.

International commendation is only one measure of the minister’s performance.

Nigeria continues to face the challenge of ensuring that economic reforms translate into lower living costs, stronger purchasing power, productive employment and improved living standards.

The rise in private capital inflows is encouraging, but its long-term value will depend on how effectively investment generates jobs and expands productive capacity.

Similarly, stronger revenue mobilisation must support essential public services without placing disproportionate pressure on ordinary Nigerians.

Oyedele’s outing in Thailand therefore represents both a diplomatic achievement and a test of policy delivery.

His recognition by international financial leaders strengthens Nigeria’s standing, but sustained success will ultimately depend on converting reform gains and global partnerships into tangible benefits for citizens. (The Nation)