Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called for a comprehensive reset of the global economic order to better reflect the realities and priorities of emerging market economies. Speaking at the Al Ula Conference for Emerging Market Economies in Saudi Arabia, Edun emphasized that the current global financial system no longer serves the interests of developing nations.
The conference, which gathered finance leaders from key emerging economies, focused on reshaping international trade, monetary systems, and macroeconomic policies amid significant global shifts. According to the Federal Ministry of Finance, Edun argued that a global economic reset is essential to ensure fairer outcomes in trade, capital flows, and financial decision-making for emerging markets.
Edun stressed that despite their substantial contribution to global growth, emerging economies remain under-represented in key economic decisions. He called for stronger, more coordinated representation of these countries in global reforms, highlighting that a more inclusive system would promote stability, resilience, and shared prosperity.
The finance minister also highlighted the growing influence of Gulf countries in global trade and investment flows, noting that these nations are becoming critical partners for economies like Nigeria. He reaffirmed Nigeria’s commitment to building stronger international partnerships that advance a fair and inclusive global financial system.
Edun’s remarks come at a time when emerging markets face high debt levels, rising inflation, currency volatility, and fragmented trade due to geopolitical tensions. He underlined that domestic reforms—such as fiscal consolidation, exchange rate adjustments, and investment initiatives—must be complemented by global system reforms to prevent external shocks from undermining growth. Nigeria will continue to engage actively in international policy discussions to shape a global economy that benefits all nations, not just the most advanced.
source: Leadership