Nigeria Seeks Global Financial Reforms, Reallocation of SDR to Vulnerable Economies

Ndubuisi Francis in Abuja 

Nigeria has called for global financial reforms, arguing that a fairer international financial structure was crucial in achieving sustainable development and reducing inequality.
The Minister of State for Finance, Dr. Doris Uzoka-Anite, made the call in New York, United States of America, while representing Nigeria at the special high-level meeting with the Bretton Woods institutions, World Trade Organisation (WTO) as well as the United Nations Trade and Development (UNCTAD).
Uzoka-Anit, who reaffirmed Nigeria’s call for urgent reform of global finance, highlighted the need for the reallocation of Special Drawing Rights (SDRs) to vulnerable economies; UN-led mechanisms for sovereign debt restructuring as well as an inclusive global financial system that promotes development over austerity.
According to a statement issued by the Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, the minister who expressed optimism that a fairer international financial architecture was crucial for achieving sustainable development and reducing inequality, observed that developing economies undertaking ambitious reforms would require tailored support and concessional financing to ensure that their efforts yield meaningful results for their citizens.
She underscored Nigeria’s commitment to bridging the global financing gap and promoting a more inclusive and equitable financial system that supports development and prosperity for all nations.