The Central Bank of Nigeria, CBN, announced the development on Wednesday via its official X handle. Nigeria will formally assume the role on November 1, 2025.

The G-24, established in 1971, serves as a platform for developing nations to coordinate their positions on international monetary and development finance issues, ensuring their collective interests are represented in global decision-making.

Speaking on behalf of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, CBN Governor Olayemi Cardoso reaffirmed Nigeria’s commitment to strengthening the G-24’s role as a driver of inclusive economic dialogue and reform.

“Our focus will be on sustaining momentum in areas that matter most to our members,” Cardoso stated. “We look forward to working with members to advance our shared mission of inclusive growth, equity, and global stability. 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.”

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Nigeria’s new leadership comes amid growing calls for fairer global financial systems. In 2024, the federal government urged G-24 member nations to increase investment and expand trade partnerships with Nigeria.

At the time, Edun highlighted the country’s investment potential in sectors such as manufacturing, agriculture, and oil and gas, emphasizing Nigeria’s vast arable land second only to Brazil as a key asset in transforming it from a food importer into a global food exporter.

As chair of the G-24, Nigeria is expected to play a leading role in shaping global policy discussions on development financing, climate resilience, and equitable economic growth.

Source: Punch