Nigeria demands reform of IMF, World Bank

Nigeria has demanded the reform of the Bretton Wood Institutions to make them responsive to the needs of developing countries and also reflect the realities of the 21st century.
The Minister of Foreign Affairs, Geoffrey Onyeama, according to News Agency of Nigeria, stated this at the 41st Ministerial Meeting of the Group of 77 plus China (G77+China) on the sidelines of the United Nations General Assembly.
The BWI are the World Bank and the International Monetary Fund, established at a meeting of 43 countries in Bretton Woods, United States in 1944.
Onyeama commended the G77 for its role in shaping global discourse on the implementation of the Sustainable Development Goals through a collective and robust engagement.
The minister said, “Equally important in the international development strategy is the need for a reform of the governance structure of the Bretton Wood Institutions.
“Not only should they be made more transparent, consultative and inclusive but also they should be more responsive and appreciative of the peculiar needs of developing countries.
“In consonance with the principle of ownership, the greater infusion of developing countries in the governance structure of Bretton Wood Institutions would undoubtedly allow them to take advantage of the local knowledge that developing countries can bring to the work of the institutions.”
Onyeama said the group, to which all the African countries are members, is a formidable one within the international system.
“We echo one another in our conception, aspirations and desire for a world that is just, fair, inclusive, and tolerant.
“The G77 should not relent in its demand for a more equitable international trading system as trade is an essential tool for economic development.
“It is, therefore, imperative that the global community should, as a matter of urgency and fairness, address factors responsible for trade imbalance between the North and South,” he said.
Onyeama said Nigeria was pleased with the role of the G77 at curbing illicit financial flows and the enhancement of asset recovery.