Nigeria has assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), a coalition of developing countries advocating for fairer representation in global economic decision-making.
The Central Bank of Nigeria (CBN) announced the development in a post on its official X handle on Wednesday, noting that Nigeria will formally take office on November 1, 2025.
Formed in 1971, the G-24 serves as a platform for developing nations to coordinate their positions on international monetary policy and development financing, ensuring their collective interests are represented in global forums.
CBN Governor Olayemi Cardoso, speaking on behalf of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reaffirmed Nigeria’s commitment to advancing the group’s mission.
“Our focus will be on sustaining momentum in areas that matter most to our members,” Cardoso said. “We look forward to working with other member states to promote inclusive growth, equity, and global stability.”
He emphasized that Nigeria’s leadership would strengthen the G-24’s influence as a key platform for championing the interests of emerging and developing economies.
In 2024, the federal government had urged member nations to increase investments and deepen trade partnerships, particularly in Nigeria’s manufacturing, agriculture, and oil and gas sectors.
Edun at the time highlighted Nigeria’s vast agricultural potential, noting that the country possesses one of the largest expanses of arable land globally, second only to Brazil, positioning it to become a major food exporter.
