BY CHIKA OKEKE, Abuja
The Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele has disclosed that financial stability must translate into jobs and shared prosperity, seeking reforms to the global financial system, for fairer access to capital, lower borrowing costs and increased investment in developing economies.
Oyedele, who stated this at the Global Financial System Session of the 17th Bosphorus Summit in Istanbul, Türkiye, informed that the existing global financial architecture must evolve to address inequalities in access to finance.
He hinted that developing countries collectively pay an estimated $500 billion more annually in borrowing costs than advanced economies, describing the disparity as a prejudice premium.
The minister argued that countries must be assessed on credible economic fundamentals rather than perceptions that exaggerate investment risks.
Highlighting Nigeria's economic reforms under President Bola Ahmed Tinubu, he cited exchange rate unification, fuel subsidy removal and comprehensive tax reforms as difficult but necessary measures yielding encouraging results.
Oyedele stated that Nigeria recorded about 4.43 percent growth in the second quarter of 2026, four consecutive months of moderating inflation, foreign reserves above $55 billion, and an increase in private capital inflows from about $300 million in 2023, to nearly $6 billion in 2026.
He emphasised that the ultimate measure of economic stability is its ability to generate jobs, improve incomes and expand opportunities, adding that Nigeria's new seven-pillar Economic Policy Framework is designed to institutionalise sound economic policies beyond individual administrations.
Drawing on five priorities reinforced at the G-24 Ministers and Governors meeting in Bangkok, Oyedele sought stronger private capital mobilisation by multilateral development banks, fairer credit assessments, faster and more predictable debt resolution, and climate financing that does not deepen debt vulnerabilities.
He reiterated the G-24's call for at least $300 billion in annual climate finance by 2035.
The minister cautioned that employment pressures pose a growing threat to global stability, citing the World Bank projections that approximately 1.2 billion young people will enter developing economies' labour markets over the next decade, against an estimated 400 million new jobs.
On investment partnerships, he stated that Nigeria and Türkiye are working to expand bilateral trade to $5 billion.
He highlighted the Projects Nigeria initiative, which has identified 65 investment opportunities valued at approximately $78.5 billion, structured to attract genuine risk-sharing partnerships rather than additional sovereign borrowing.
The minister encouraged developing countries to sustain credible domestic reforms while calling on international financial institutions to provide fairer access to capital and more objective assessments of investment risks.
He stated that the global financial system must be modernised to support investment, productive economic activity and inclusive prosperity.
"For Nigeria, stability was our first test; growth that creates jobs is our next," he added.
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