Nigeria Assumes G-24 Chairmanship, Vows to Drive Global Economic Reforms

Nigeria has taken over the chairmanship of the Intergovernmental Group of Twenty Four (G-24), with a promise to drive inclusive global economic reforms.

The announcement was made on Wednesday, October 15, through a series of posts on the Central Bank of Nigeria (CBN)’s official X social media platform.

Nigeria is set to formally assume office on November 1.

The federal government pledged to use its leadership to amplify the voices of developing nations and advance inclusive global economic reforms.

Speaking on behalf of the minister of finance and coordinating Minister of the Economy, Wale Edun, CBN governor Olayemi Cardoso reaffirmed Nigeria’s commitment to strengthening the G-24 as a platform for equitable dialogue and transformative economic reform.

Cardoso stated, “Our focus will be on sustaining momentum in areas that matter most to our members.

“We look forward to working with members to advance our shared mission of inclusive growth, equity, and global stability.

“We are determined to ensure that the G-24 continues to be a formidable platform for representing the common interests of emerging and developing economies.”

It will be recalled that in 2024, the federal government had urged member nations of the G-24 to deepen investment ties and strengthen trade partnerships with Nigeria.

Edun, emphasized Nigeria’s vast potential to attract foreign investment in strategic sectors such as manufacturing, agriculture, and oil and gas.

He further noted that Nigeria boasts one of the world’s largest expanses of arable land second only to Brazil, highlighting the country’s capacity to transition from a net food importer to a major global food exporter.