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Oyedele Chairs G-24 Call for Fairer Global Financial System, Affordable Development Financing

The meeting concluded that domestic reform alone will not shield developing economies from external shocks — affordable finance, effective debt resolution, fairer representation in international institutions, and sustained cooperation are equally necessary.

Published

3 weeks ago

October 14, 2026

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BANGKOK, Thailand — 14 October 2026

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, chaired the G-24 Board of Governors meeting on the sidelines of the IMF and World Bank Annual Meetings, leading calls for reform of the global financial architecture to deliver more affordable financing, fairer representation and faster sovereign debt resolution for developing economies.

IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, representing President Ajay Banga, joined other G-24 Governors in commending Oyedele’s leadership of discussions that addressed mounting financing pressures on emerging and developing economies amid geopolitical tension, volatile commodity prices, climate shocks and tighter global financial conditions.

Oyedele said rising interest rates, widening fiscal deficits in advanced economies and growing financing demand for artificial intelligence and energy infrastructure had made borrowing more expensive for developing countries.

He called for progress on IMF quota and governance reform, stronger representation for developing countries at the World Bank, improved access to development finance, and more predictable, coordinated debt restructuring involving all creditors.

He also urged expanded climate financing, stronger international tax cooperation against avoidance and illicit flows, and a greater voice for developing countries in global decision-making, including the G-20.

In his closing remarks, Oyedele drew three lessons from the discussions: that resilience must be built before a crisis, through proactive policy preparation; that artificial intelligence must be adopted and regulated responsibly to support inclusive job-rich growth; and that international cooperation remains essential to managing shared risks such as energy insecurity, food price volatility, supply-chain disruption, debt vulnerability and climate change.

Georgieva described the global economy as resilient, with growth projected at about 3.1 percent through 2026, but cautioned that the figure masked a widening gap between economies benefiting from digital transformation, AI investment and critical-mineral supply chains, and those constrained by high energy costs, conflict or limited access to technology.

She warned that persistent energy and food price pressures were keeping interest rates and debt-servicing costs elevated, and urged governments to rebuild fiscal buffers, preserve central bank independence, invest in digital infrastructure and skills, and push for faster debt treatment under the G-20 Common Framework alongside further IMF quota reform.

Van Trotsenburg reported that the World Bank had mobilised about US$27.4 billion in crisis-related financing, with ten countries activating dedicated crisis-response instruments and nineteen others redirecting existing resources to urgent needs.

He flagged El Niño-related risks to food security and grain prices, and said the Bank remained focused on electricity access, healthcare, digital connectivity and job creation — in tourism, healthcare, food systems and manufacturing — alongside mobilising private capital and climate finance.

Member interventions reinforced the reform agenda: Brazil, China and Pakistan backed stronger Global South representation and Bretton Woods reform.

The Philippines called for deeper regional financial integration; Kenya urged building policy buffers and expanding local-currency financing; Egypt cited supply-chain disruption and capital outflows.

Lebanon and Syria raised the financing challenges facing conflict-affected economies.

Incoming G-24 Chair Pakistan pledged to keep development at the centre of the agenda.

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NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

10 hours ago

November 4, 2026

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.

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Naira Exchange Rates Wednesday, 4 Nov 2026

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November 4, 2026

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BLACK/PARALLEL MARKET RATES

1390DOLLAR (US

₦1835POUND (GBP)

₦1510EURO (EUR

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

₦2300 West African CFA F.(XOF)

₦2200 Central African CFA F.(XAF)

₦850 Australian Dollar AUSSIE (AUD)

OFFICIAL CBN EXCHANGE RATES

DOLLAR (USD)₦1346.93

POUND (GBP)₦1807.72

EURO (EUR)₦1512.26

SWISS FRANC (CHF)₦1644.21

JAPANESE YEN (JPN)₦8.52

West African CFA FRANC (XOF)₦2.30

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1825.03

CHINESE YUAN (CNY)₦201.92

SAUDI RIYAL (SAR)₦359.15

SOUTH AFRICAN RAND (ZAR)₦81.37

Business

Australia hikes rates to 18-year high to fight inflation

The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.

Published

1 day ago

November 3, 2026

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108369166 1790657472823 gettyimages 2274092462 AUSTRALIA RBA BULLOCK

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•Michele Bullock, governor of the Reserve Bank of Australia (RBA), during a news conference at the central bank’s head office in Sydney, Australia, on Tuesday, May 5, 2026. Photographer: Brendon Thorne/Bloomberg via Getty Image.

Australia’s central bank Tuesday raised its key interest rate to a 18-year high , citing the prolonged war in the Middle East and persistent inflationary pressures.

In a statement, the Reserve Bank of Australia said it would lift its cash rate by 25 basis points to 4.85 percent.

“Inflation remains elevated,” it said. “This partly reflects higher fuel and other commodity prices affected by the conflict in the Middle East.”

“AI-related investment is driving rapid growth in prices for technology-related goods, and inflation in many goods and services remains high.”

The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.

It brings rates to their level seen since late 2008, at the height of the global financial crisis.