Nigeria has assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), taking over from Argentina.
The transition was confirmed during the IMF/World Bank Annual Meetings, with Nigeria set to formally assume office on November 1, 2025.
The G-24, formally known as the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, comprises developing nations across Africa, Asia, Latin America, and the Caribbean.
Established in 1971 as a chapter of the Group of 77, the G-24 aims to coordinate the positions of developing countries on international monetary and development finance issues, ensuring their interests are represented in global negotiations.
Nigeria’s vision for the G-24
Speaking on behalf of Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, accepted the chairmanship with a renewed commitment to amplifying the group’s influence.
“Our focus will be on sustaining momentum in areas that matter most to our members,” Cardoso stated. “We look forward to working with members to advance our shared mission of inclusive growth, equity, and global stability.”
He emphasized Nigeria’s dedication to strengthening the G-24’s role as a platform for reform and collaboration among emerging and developing economies.
“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,” he added.
Work programme to be announced post-consultation
Nigeria is expected to unveil its Work Programme after conducting consultations with member states.
The programme will outline strategic priorities and initiatives aimed at fostering inclusive dialogue and driving reforms in global financial governance.
What you should know
Earlier, Cardoso told the G24 media briefing that the Nigerian Naira is now “more competitive” following months of economic reforms and currency stabilization efforts.
“We were able to create resilience and buffers against potential shocks,” Cardoso said on Tuesday. “In terms of anchoring expectations, we found that those who followed the Nigerian economy were fairly comfortable.” He noted that while oil remained Nigeria’s most exposed commodity, the impact had been “relatively modest.”
- He added that the currency’s strength is encouraging domestic production and discouraging imports, aligning with the government’s broader economic restructuring agenda.
- Cardoso revealed that Nigeria is now experiencing a positive balance of trade, a rare development attributed to the competitiveness of the Naira.
- Cardoso also praised the G24’s progress under Argentina’s leadership, noting its increased influence within the Bretton Woods institutions.
