Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged the international community to recalibrate the global financial system to better serve the needs of developing economies.
Delivering Nigeria’s national statement at the 4th International Conference on Financing for Development (FFD4) in Sevilla, Spain, on Monday, Edun highlighted the ongoing imbalance in global finance that continues to marginalize low- and middle-income countries.
“In today’s evolving global landscape, self-reliance is essential. We are prioritizing digital infrastructure, transparency, and institutional reform to deliver more for Nigerians with every naira spent,” Edun stated during a high-level roundtable on domestic resource mobilization.
World leaders discuss financing for sustainable development
The conference convened nearly 60 heads of state, over 150 countries, and approximately 15,000 delegates to discuss ways to reenergize financing for sustainable development.
Edun emphasized that meaningful reform must go beyond national efforts, calling for stronger international collaboration in tackling tax inequities and illicit financial flows, both of which disproportionately affect African economies.
“We need a global financial framework that acknowledges the structural constraints of developing nations and supports long-term, sustainable investments,” he added.
Guterres Warns of Stalling Development Engine
Also addressing the gathering was UN Secretary-General António Guterres, who painted a stark picture of the obstacles to achieving the 2030 Agenda for Sustainable Development.
“The world is on fire, shaken by inequalities, climate chaos, and raging conflicts,” Guterres declared. “Financing is the engine of development, and right now, this engine is sputtering.”
Guterres warned that two-thirds of the Sustainable Development Goals (SDGs) agreed upon in 2015 are now significantly off track, requiring a monumental $4 trillion in investment to realign progress.
“We are here in Sevilla to change course. To repair and rev up the engine of development to accelerate investment at the scale and speed required.”
Despite the significance of the event, Guterres noted the absence of the United States, which withdrew from the process earlier in the month. Nevertheless, world leaders adopted what has been termed the Sevilla Commitment, renewing the global promise to elevate low-income countries through an equitable financial system.
Three-Point Agenda for Global Financial Overhaul
In his closing remarks, Guterres laid out three actionable pillars to steer the world back toward sustainable development:
1. Mobilize Domestic Resources: Urged wealthier nations to honor aid commitments by doubling development assistance and called for innovative financing tools to unlock private capital. He also advocated for tripling the capacity of Multilateral Development Banks (MDBs) to fast-track investments.
2. Tackle the Global Debt Crisis: With developing nations spending an estimated $1.4 trillion annually on debt servicing alone, Guterres called for urgent restructuring of what he described as the “unsustainable, unfair, and unaffordable” debt system. A proposed borrowers’ forum aims to introduce a more transparent and balanced debt resolution mechanism.
3. Reform Global Financial Governance: Advocated for a more inclusive financial architecture, where every country, regardless of income level, has an equal say. Guterres reiterated the need for a fair global tax system, emphasizing that it should be “shaped by all, not just a few.”
