Nigeria’s Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, has emerged as the Chairman of the African Governors Forum of the World Bank.
The news of his appointment was made known at the closing ceremony of the IMF/World Bank meetings in Marrakesh, Morocco.
In a statement by the Ministry of Finance statement, “this presents a unique opportunity for Nigeria and the implementation of President Tinubu’s Renewed Hope Agenda.”
In a briefing with the media, Finance Minister, Mr. Wale Edun stated that global economic growth remains slow due to shocks like globally significant conflicts in numerous locations and Slow International demand due to the COVID-19 Pandemic.
The Minister noted that the shocks have resulted in sustained high interest rates to tackle soaring inflation and high borrowing costs, making debt unaffordable and investments challenging.
He said, “The Nigerian economy is not immune to these global headwinds and the overall geopolitical fragmentations. Fiscal consolidation remains the preferred policy option for many countries so that buffers can be built after long years of stimulus.”
Speaking further, he stressed the need for a robust framework that will enhance global liquidity for the purpose of settling the balance of payment, reducing fiscal crisis, and reducing the cost of borrowings.
He added, “At the Development Committee of the World Bank, we discussed the ongoing WBG evolution agenda, which is in response to the G20 Independent Panel on Capital Adequacy Framework. We encouraged the World Bank to remain focused on the twin goals of poverty eradication and shared prosperity while enhancing its operating and financing models to cope with increasing trans-border and global challenges, avoiding needless trade-offs.”
The Finance Minister also assured that there will be proper coordination between the fiscal and monetary policy authorities in the country and said the Central Bank of Nigeria Ways and Means will not be breached for government financing. He was optimistic that Nigeria remains the investment destination choice in Africa.
Mr Wale Edun also participated in the Commonwealth Finance Ministers forum in Marrakesh to discuss the reform of the global financial architecture, with particular attention to two pivotal areas, scaling up development finance & addressing debt vulnerabilities.