On Thursday, February 20, 2026, Nigeria hosted the Technical Group Meeting of the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) in Abuja. The meeting was themed "Mobilising Finance to Promote Sustainable, Inclusive, and Job-Rich Economic Transformation."
The event was a joint initiative of the Federal Ministry of Finance and the Central Bank of Nigeria (CBN).
This gathering attracted finance ministers, central bank governors, and policymakers from various developing nations, who convened to discuss necessary reforms of the global financial system amid increasing debt pressures, limited fiscal resources, and the rapid pace of digital transformation.
During the opening remarks, CBN Governor Olayemi Cardoso indicated the meeting's relevance, highlighting that current technological advancements are significantly altering international trade dynamics, payment systems, and financial integration.
"This assembly is happening at a pivotal moment," Cardoso stated. "Technological shifts are changing global markets, payment infrastructures, and financial connections."
He pointed out that the meeting's focus reflects urgent concerns among developing nations about diminishing fiscal buffers, escalating debt loads, and the pressing need to mobilize resources for sustainable growth and job creation.
The G-24 is a coalition of developing countries operating within the Bretton Woods framework, aimed at advocating reforms that amplify the voices of these nations in global financial governance.
Governor Cardoso emphasized the need for reforms regarding payment systems and digital financial architectures to align with broader efforts aimed at modernizing global finance and enhancing domestic institutional capacities.
He remarked that as the Bretton Woods institutions near their 80th year since establishment, there lies an opportunity to reassess the global financial framework to better cater to the requirements of developing nations.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, who chairs the G-24, underscored the importance of reforming global finance to bolster economic growth and create job opportunities. He expressed concerns over increasing debt service obligations that are diminishing fiscal space across the Global South, warning that several low-income countries are nearing debt crises.
Edun pointed out that the annual debt servicing by developing countries now surpasses the total inflows from foreign direct investment and official development assistance from advanced nations.
Also addressing the assembly, Iyabo Masha, the Director and Head of the G-24 Secretariat, described the existing global situation as one characterized by "measured resilience but constrained ambition."
She reiterated that the G-24 assembly occurs at a time when developing nations are managing fiscal consolidations, ensuring social spending, investing in climate resilience, and grappling with escalating debt burdens.
Masha elaborated on how the Technical Group Meetings help member nations synchronize their positions before engaging in higher-level negotiations with multilateral bodies like the IMF and the World Bank.
A significant focus of this session was also on digital payments and their effects on financial stability and sovereignty. Governor Cardoso warned that while digital advancements may lower transaction costs and enhance financial inclusion, misalignment across jurisdictions could introduce vulnerabilities.
"Effectiveness must be assessed based on the preservation of financial and monetary stability, and ensuring that emerging markets are included in governance and rule formulation," he stressed.
The G-24 continues to facilitate dialogues amongst its members in preparation for comprehensive discussions with international financial entities, including the IMF and World Bank.
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