Nigeria Urges Global Economic Reforms & Tax Justice At G20 Foreign Ministers' Meeting

Johannesburg, South Africa — Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, has made a powerful call for urgent reforms in the global economic system at the ongoing G20 Foreign Ministers’ Meeting in Johannesburg. Highlighting the need for economic equity, global security, and sustainable development, Tuggar emphasized that developing nations, including Nigeria, continue to face significant challenges fueled by external financial pressures and inequitable trade structures.

Tuggar lauded South Africa’s leadership as the current G20 Presidency and pledged Nigeria’s full support for its core priorities—disaster resilience, debt sustainability, just energy transition, and the strategic use of critical minerals to foster inclusive growth.

Pushing for Financial Equity and Inclusive Global Growth

The Minister stressed the urgent need for structural reforms in global financial systems to enable developing countries to thrive. He called for a fairer international financial framework that ensures broader access to funding and fosters sustainable economic growth, particularly in Africa.

According to a statement by his Media Aide, Alkasim Abdulkadir, Tuggar urged global financial institutions to implement reforms that prioritize long-term growth over restrictive lending conditions, which often stifle development in emerging economies.

Tackling Global Security and Socio-Economic Challenges

Expanding on global security concerns, Tuggar addressed the surge in global conflicts and humanitarian crises. He called for collective international action and stressed the importance of economic stability in promoting peace. Nigeria, he noted, remains committed to global peacekeeping initiatives.

In combating terrorism, Tuggar advocated for a holistic approach that goes beyond military strategies. He emphasized the need for investments in education, healthcare, and employment opportunities—key factors in reducing extremism and promoting long-term stability in vulnerable regions.

Tax Justice and Combating Illicit Financial Flows

A central focus of Tuggar’s address was the issue of tax justice. He called on G20 members to back President Bola Ahmed Tinubu’s initiative to curb capital flight and tax evasion by multinational corporations. Highlighting the adverse effects of illicit financial flows on African economies, Tuggar urged for stronger regulations against tax havens and demanded increased transparency in global financial transactions.

He called for international collaboration to tackle financial corruption and ensure equitable benefits from global trade and investments. Tuggar reaffirmed Nigeria’s dedication to fostering a global economic system that supports inclusive growth and leaves no nation behind.

Key Takeaways:

Nigeria advocates for global economic reforms and tax justice at the G20 Foreign Ministers’ Meeting.
Minister Yusuf Tuggar pushes for debt sustainability, equitable financial governance, and a fairer global trade system.
Calls for a comprehensive socio-economic approach to tackle global terrorism and humanitarian crises.
Urges G20 nations to combat illicit financial flows and promote transparency in global financial transactions.
Nigeria supports South Africa’s G20 Presidency and its focus on disaster resilience, energy transition, and harnessing critical minerals.