Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged developing countries to take early, proactive steps to shield their economies from global shocks, warning that poor policy choices could derail reforms and worsen inflation.
Speaking at a G24 news conference on the sidelines of the IMF meetings in Washington, D.C., Edun said today’s uncertain global environment demands careful, balanced decisions, especially in vulnerable developing economies. He cautioned that raising interest rates too quickly could undermine ongoing reforms, while delayed action could allow inflation to spiral.
He noted that central banks in developing countries face tough choices as they navigate energy crises, geopolitical tensions and supply chain disruptions that are driving up the cost of fuel, fertiliser and food. While oil‑exporting nations may benefit from higher prices, he stressed that both oil producers and importers are battling inflation and broader economic pressures.
To build resilience, Edun advised countries to use existing fiscal buffers wisely and implement targeted, temporary relief for vulnerable groups rather than reversing key reforms like fuel subsidy removal and foreign exchange liberalisation. Such reforms, he argued, have strengthened Nigeria’s economic framework despite recent global headwinds.
He called for stronger domestic resource mobilisation through better tax systems and deeper private sector participation, saying this would reduce over‑reliance on external borrowing and improve stability. Edun also pushed for more concessional financing and risk‑management tools to lower borrowing costs for developing nations burdened by rising debt service.
On technology, he said Artificial Intelligence presents both risks and opportunities but can help boost tax‑to‑GDP ratios by improving efficiency, transparency and revenue collection through digital systems.
Edun further warned that slowing global trade, fragmentation and disrupted supply chains are forcing many developing countries to pivot towards domestic production and regional trade. He urged multilateral institutions to expand liquidity support, offer better policy guidance and help reduce borrowing costs so developing economies can manage mounting vulnerabilities.
As G24 chair, Edun said Nigeria is using its position to advocate a fairer global financial system, expanded access to affordable finance and stronger support that matches the scale of challenges facing poorer countries. He maintained that Nigeria’s own reforms are already improving macroeconomic stability, policy credibility and the capacity to withstand external shocks.
According to him, the government is prioritising private sector‑led growth, infrastructure, energy investment, financial inclusion and human capital as core drivers of long‑term transformation. He added that despite global turbulence, the policy goal remains clear: to ensure reforms translate into higher incomes and better living conditions for Nigerians.
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