By Atlantic Reports

Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele has called for reforms of the International Monetary Fund (IMF) and World Bank to strengthen support for emerging markets and developing economies.

Presenting the Group of Twenty-Four (G24) 2026 annual meeting communiqué, Oyedele said geopolitical conflicts, trade uncertainty, volatile commodity prices and climate shocks were threatening global growth.

He argued that developing economies faced disproportionate pressure from those disruptions, weakening their capacity to create jobs and pursue inclusive development.

Representation and social spending

Oyedele urged the IMF to review its quota system to reflect members’ economic positions while protecting developing countries’ representation.

He also called for IMF programmes to safeguard social spending and investment, warning against excessive economic adjustments that could undermine recovery.

For countries facing financial pressure, that demand concerns how stabilisation programmes balance fiscal targets with funding for essential services and productive investment.

Debt and climate financing

The minister called for coordinated debt restructuring, greater transparency and improved credit-rating assessments to address rising debt vulnerabilities.

On climate finance, he urged equitable action and called on development banks to mobilise at least US$300 billion in private financing annually by 2035.

The figure represents a proposed mobilisation target, rather than funding already committed or available.

Oyedele also advocated stronger international tax cooperation to curb profit-shifting, tax avoidance and illicit financial flows, which can erode governments’ revenue bases.

He said restoring confidence in the global economy required a multilateral system that respected national sovereignty and the principles of the United Nations Charter.

The communiqué’s demands centre on whether international financial institutions can respond to economic shocks without weakening developing countries’ ability to fund services, invest and create employment. Their practical effect will depend on the reforms adopted and how they are implemented.

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