The Federal Government has called on the international community to overhaul global financial systems to better reflect the economic realities and development priorities of countries like Nigeria and other emerging economies.
Speaking at the 4th International Conference on Financing for Development (FFD4) held in Sevilla, Spain, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, urged for reforms that would promote economic growth, strengthen fiscal policies, and support sustainable development in developing nations.
During a roundtable session on domestic public resource mobilisation, Edun noted that many developing countries continue to face structural barriers that limit their ability to generate sufficient revenue and make meaningful investments in critical sectors.
He emphasized the need for global financial institutions and frameworks to adapt to the changing economic dynamics of the 21st century.
“In today’s evolving global landscape, self-reliance is essential. We are prioritising digital infrastructure, transparency, and institutional reform to deliver more for Nigerians with every naira spent,” Edun said.
He explained that Nigeria is undergoing comprehensive fiscal reforms aimed at modernising tax administration, promoting fiscal discipline, and creating an environment conducive to private sector investment.
In addition to domestic reforms, the minister called on international partners to adopt fairer tax practices and take more decisive action against illicit financial flows, which have historically disadvantaged African economies.
He stressed that addressing these global challenges requires coordinated action that takes into account the unique circumstances and limitations faced by developing nations.
The Sevilla conference brought together senior representatives from multilateral organisations, including the United Nations, the Organisation for Economic Co-operation and Development (OECD), the European Union, and development banks. Finance ministers and top officials from countries such as Nepal, Malawi, and Uruguay also participated in the summit, which focused on sustainable financing strategies, debt management, and tax policy reforms.
Edun reiterated Nigeria’s commitment to implementing robust domestic policies to boost revenue and enhance economic resilience. He also emphasized the importance of deeper international cooperation to dismantle systemic barriers that hinder development in the Global South.
