IMF, World Bank hail Oyedele’s G-24 leadership

By Henry Ojelu

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has received commendation from the leadership of the International Monetary Fund, IMF, and World Bank for his leadership of the Group of 24 (G-24), highlighting 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 and 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 he 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 the Africa’s Golden Future Forum in Bangkok, he also 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.ing HYPREP’s work and extending environmental remediation to other polluted parts of the region.

He described the Ogoni cleanup as a pilot scheme, adding that the committee had involved HYPREP, the Federal Ministry of Environment and other relevant stakeholders in developing the bill.

“Very soon, the bill will come up. What we intend to do with that is to sustain what HYPREP is doing and see how it can be taken to all other parts of the Niger Delta,” Dekor said.

He commended HYPREP for its commitment to the project, noting that the sites inspected were more than 80 per cent complete.

Although the projects were still ongoing, he said the progress recorded was encouraging, expressing confidence that the renewed drive within HYPREP would ensure timely completion and quality delivery.

Dekor also praised the project’s skills acquisition component, saying it had equipped young Ogonis with specialised skills sought after internationally.

He said about 2,400 youths had been listed among those trained at various centres, adding that the programme would help develop a pool of skilled professionals in Ogoniland.

Meanwhile, HYPREP Project Coordinator, Prof. Nenibarini Zabbey, said the project had more than 130 sites across its intervention areas, covering remediation, shoreline cleanup, potable water provision, healthcare improvement and skills development.

He said the initiative had created direct and indirect employment opportunities for Ogoni residents, including youths and women.

Zabbey highlighted the specialist hospital project, which he said would provide tertiary healthcare services to residents of Ogoni and other people in the region. The facility includes an oncology unit for cancer screening and treatment.

He also disclosed that HYPREP had conducted a human health biomonitoring study coordinated by the World Health Organisation’s International Agency for Research on Cancer to examine the relationship between exposure to hydrocarbon contaminants and the health of residents.

According to him, the committee’s visit provided an opportunity for lawmakers to assess the projects firsthand and make recommendations to improve the implementation of the cleanup.

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