G24 Warns Middle East Conflict Disrupts Nigeria's Growth

The G24 coalition, representing developing countries, has expressed deep concern regarding the ongoing conflict in the Middle East and its detrimental effects on global economic growth, particularly for emerging markets like Nigeria. During the World Bank and IMF spring meetings in Washington D.C., the G24 highlighted that the conflict has caused significant damage to civilian infrastructure and has disrupted global supply chains, particularly in energy markets.

They warned that global growth projections are expected to decline in 2026 compared to 2025, with sustained disruptions likely to push inflation higher. The G24 emphasized the need for stronger international financial support, calling for the International Monetary Fund (IMF) to adapt its lending toolkit and strengthen surveillance frameworks for low-income countries.

They also urged for reforms in debt treatment mechanisms and highlighted the importance of addressing climate change and emissions in the context of long-term economic stability.