Oyedele Calls for Affordable Financing for Developing Nations

Taiwo Oyedele, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, who chairs the Group of 24 (G-24), reported that developing countries are incurring approximately $500 billion more in borrowing costs than developed economies. Speaking at a G-24 press briefing during the IMF/World Bank Annual Meetings in Bangkok, Thailand, Oyedele called on the International Monetary Fund (IMF) and the World Bank to make concessional financing more accessible.

He emphasized that the rising cost of borrowing is hindering the ability of developing nations to finance infrastructure, create jobs, and enhance living standards. Oyedele urged the two institutions to expand access to affordable financing, particularly for vulnerable economies facing fiscal pressures.

He noted that high borrowing costs limit government investment in essential sectors. The G-24's appeal comes amid increasing debt-service obligations and competing demands for public resources in developing economies.