By Enyichukwu Enemanna
Africa’s most populous nation, Nigeria at the ongoing IMF/World Bank Annual Meetings in Washington emerged the chairman of the Intergovernmental Group of Twenty-Four (G-24) brings together developing nations to forge common frontiers on global monetary policy.
This was disclosed in a series of posts by the Central Bank of Nigeria on its official X handle on Wednesday, as the African nation pledged to advance global economic reforms to ensure equity and stability.
“Our focus will be on sustaining momentum in areas that matter most to our members. We look forward to working with members to advance our shared mission of inclusive growth, equity, and global stability”, the governor of Central Bank of Nigeria, Olayemi Cardoso said on behalf of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
“We are determined to ensure that the G-24 continues to be a formidable platform for representing the common interests of emerging and developing economies.”
Formed in 1971, the Group aims to promote the interests of members and ensure that they are adequately represented in negotiations on international monetary matters
Nigeria had last year called for increased investments and trading partnerships from member countries of the G-24. The finance minister highlighted Nigeria’s strong potential to attract foreign investment across key sectors such as manufacturing, agriculture, and oil and gas.
He further pointed out that Nigeria possesses one of the largest expanses of arable land in the world, second only to Brazil, underscoring the nation’s potential to shift from being a food importer to a leading global food exporter.
Nigeria formally takes office on November 1, 2025.
Nigeria along with Algeria, Argentina, Brazil, Colombia, Congo, Cote d’Ivoire, Ecuador, Egypt, Ethiopia, Gabon, Ghana, Guatemala, Haiti, India, Iran, Kenya, Lebanon, Mexico, Morocco and others are full members of G-24.
