Oyedele Urges Fairer Borrowing Costs for Developing Nations
Nigeria's finance minister called at the Bosphorus Summit for changes to international lending and credit assessments.
Updated on Nov. 6, 2026 in Economic Policy
Taiwo Oyedele called for changes to international lending and credit assessments to reduce developing countries' borrowing costs at the 17th Bosphorus Summit in Istanbul on November 6, 2026. He cited an estimated US$500 billion annual borrowing-cost gap between developing and advanced economies.
Why it matters
Oyedele describes the extra borrowing burden on developing countries as a "prejudice premium" and argues financial stability should be judged by its effect on jobs, incomes and opportunity. The proposals also seek greater developing-country representation at the IMF and faster debt restructuring.
UN Trade and Development research calculates that 94 developing countries could collectively save about US$500 billion a year in interest payments at developed-economy rates. The figure is an estimate, and the source does not detail how the savings would be realized under proposed reforms.
The players
Taiwo Oyedele
Nigeria's finance minister, who spoke at the summit and chaired the G24 ministerial meeting in Bangkok.
International Monetary Fund
The Washington-based lender that oversees the international monetary system and whose developing-country representation Oyedele sought to expand.
The details
The call was made at the Global Financial System Session of the summit. Oyedele also urged more private investment mobilised by multilateral development banks and fairer credit assessments, and the Group of 24 developing economies called for at least US$300 billion annually in climate finance by 2035, with climate financing avoiding added debt for vulnerable countries.
Timeline
October 13, 2026: G24 ministerial meeting in Bangkok adopted its positions, chaired by Oyedele.
October 2026: Projects Nigeria was presented at IMF and World Bank annual meetings in Bangkok.
November 6, 2026: Oyedele made the call at the 17th Bosphorus Summit in Istanbul.
2035: Target year for US$300 billion in annual climate finance.
Economic Policy Context
The proposals build on positions adopted by the Group of 24 developing economies at its October 13 ministerial meeting in Bangkok, which called for at least US$300 billion annually in climate finance by 2035. Oyedele's remarks extend that G24 agenda into demands for changes to international credit assessments.
If developing-country borrowing costs fall, governments could have more room in budgets for services and investment. The proposals remain calls for reform, so no immediate change to household borrowing costs is described in the source.
The takeaway
Borrowing costs for developing countries reflect credit assessments that critics call a prejudice premium. Watch whether IMF representation and credit-rating practices change in the reform debate that follows.
Further reading
Explore more on Economic Policy to see how lending rules and debt frameworks shape developing economies.
Source note: This article includes information reported by Okay News.
