The Central Bank of Nigeria (CBN) has announced that Nigeria will assume the chairmanship of the Intergovernmental Group of Twenty-Four (G-24) from Argentina effective November 1.
In a statement issued on Wednesday, the apex bank said Nigeria would unveil its work programme after due consultations with member countries.
With this transition, Nigeria will succeed Pablo Quirno, Argentina’s Secretary of Finance, as chair of the group.
Speaking on Nigeria’s minister of finance, Wale Edun’s behalf, CBN Governor Olayemi Cardoso reaffirmed Nigeria’s commitment to strengthening the influence of the G-24 in promoting inclusive dialogue and global economic reform.
“Our focus will be on sustaining momentum in areas that matter most to our members. We look forward to working with members to advance our shared mission of inclusive growth, equity, and global stability,” Cardoso stated.
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“We are determined to ensure that the G-24 continues to be a formidable platform for representing the common interests of emerging and developing economies.”
During the G-24 press briefing on October 14, Cardoso noted that ongoing economic reforms had helped Nigeria reduce its vulnerability to external shocks.
“Due to reforms, the effects of global ties and trade are less of a problem for us (Nigeria),” he said.
“And I think we were very fortunate, because a lot of the things that were needed to have been done, we did them much earlier,” he added.
According to him, the timely implementation of policy measures had built “resilience and buffers against potential shocks,” fostering confidence among those monitoring the Nigerian economy.
Cardoso acknowledged that crude oil remained the only commodity still exposed to global fluctuations but said “the impact of that was relatively modest.”
