Nigeria has called for a comprehensive reset of the global economic system, urging greater fairness for emerging market economies in international trade, finance, and monetary policies.
The appeal was made on Sunday in Saudi Arabia by Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, during a panel session with finance ministers from major emerging market countries at the Al Ula Conference for Emerging Market Economies.
At the conference, which focused on reforms in global trade, monetary systems, and macroeconomic policies amid ongoing shifts in the world economy, Edun stressed that the current global economic structure no longer reflects today’s realities. He called for adjustments to ensure developing and emerging economies have a stronger voice in shaping the global financial order.
Edun highlighted the growing role of Gulf countries in global trade and finance, describing the region as an increasingly important source of investment and capital flows for emerging markets. He said Nigeria sees significant opportunities in expanding collaboration with Gulf nations, particularly in trade, infrastructure development, and long-term investments.
“Nigeria is committed to strengthening partnerships that will support a more equitable global financial architecture,” the minister said, noting that reforms would enable emerging economies to grow faster, create jobs, and improve living standards.
The Al Ula Conference convened policymakers and financial experts from around the world to discuss how emerging markets can better navigate global economic changes and contribute more effectively to international growth. Nigeria’s participation underscores its determination to actively represent developing countries in global economic discussions.
