The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has called for reform of the International Monetary Fund (IMF) and the World Bank to strengthen developing economies.

Oyedele made the call while presenting the Group of Twenty-Four (G24) 2026 annual meeting communiqué.

He said that geopolitical conflicts, trade uncertainties, volatile commodity prices and climate shocks were threatening global economic growth.

The minister said that the challenges disproportionately affected emerging markets and developing economies, undermining efforts to create jobs and achieve inclusive transformation.

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

He also called for IMF programmes to protect social spending and investment while avoiding excessive adjustments that could undermine economic recovery.

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

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

He also called for stronger international tax cooperation to curb profit-shifting, tax avoidance and illicit financial flows.

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