Nigeria’s Finance Minister, Taiwo Oyedele, has stated that borrowing is essential for economic growth. He urged developing countries to use loans wisely to create jobs and support inclusive development. Oyedele spoke during the 2026 World Bank and International Monetary Fund Annual Meetings in Bangkok, Thailand.
At the meeting, Oyedele, who leads the Intergovernmental Group of Twenty-Four (G-24), noted that developing countries, especially in Africa, are facing high debt levels and expensive borrowing costs. Estimates suggest these countries pay about $500 billion more in debt-related expenses compared to wealthier nations.
He emphasized the need for governments to improve their ability to collect revenue and find savings without placing extra tax burdens on struggling households and businesses. Oyedele called on the International Monetary Fund (IMF) and the World Bank to provide more affordable loans to vulnerable countries.
The G-24 also highlighted the importance of creating long-term policies to attract private investment, which can help free up government funds for essential services like healthcare and education. Oyedele warned that excessive debt can limit a government’s ability to provide these services, stressing that debt is essentially future taxes.
In their communiqué, the G-24 addressed various global challenges, including geopolitical conflicts and climate change, which they believe hinder economic growth. They called for a stronger global financial safety net and better governance to support both emerging and smaller economies.
Additionally, the group urged for coordinated efforts to manage sovereign debt and improve transparency in financial assessments. They also pushed for increased international cooperation on climate finance, aiming for at least $300 billion annually by 2035.
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