Wale Edun Calls for Lower Borrowing Costs for Developing Nations

On April 14, 2026, Wale Edun, Nigeria's Minister of Finance and Coordinating Minister of the Economy, called on the International Monetary Fund (IMF) and the World Bank to reduce borrowing costs for developing countries. During a media briefing at the G-24 meeting, Edun cited mounting debt pressures that limit access to concessional financing.

He emphasized the urgent need for mechanisms to ease financial conditions, particularly as global economic growth is projected to decline to 3.4% in 2025 and 3.1% in 2026, largely due to ongoing conflicts in the Middle East. Edun noted that the decline in concessional financing worsens economic prospects, especially in Sub-Saharan Africa, where growth is expected to slow to 4.5% in 2025 and 4.3% in 2026.

He pointed out that high interest rates and rising debt service burdens divert significant portions of government revenue from funding infrastructure, healthcare, and education. Iyabo Masha, Director of G-24 International Monetary Affairs, supported Edun's position, highlighting that member countries already face extremely high borrowing costs.