Statement by H.E. Adebayo O. Edun - On behalf of Angola, Nigeria and South Africa - Development Committee 110th Meeting Oct 25 2024

Jul 19, 2026

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Statement by H.E. Adebayo O. Edun, Minister of Finance of Nigeria, delivered on behalf of the constituency of Angola, Nigeria and South Africa at the 110th Development Committee meeting on October 25, 2024 in Washington, DC. The statement thanks leadership at the World Bank Group, reviews the Bretton Woods anniversary and the need for transformation, highlights Sub-Saharan Africa’s weakened growth and severe food insecurity, and urges support for humanitarian needs amid conflict. It also emphasizes a future-ready World Bank Group through scorecards, data transparency, corporate indicators, Global Challenge Programs, and development finance priorities for energy access and transition.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages5

Reading Time13 min

Key remarks and context

Bretton Woods anniversary and WBG transformation

Sub-Saharan Africa growth landscape

Priority issues and humanitarian concerns

Middle East conflict and Gaza support

Sudan and engagement in conflict areas

Toward a future-ready World Bank Group

Corporate Scorecard FY24–FY30 and data transparency

Global Challenge Programs and financing pipeline

Constituency priorities: energy access and transition

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors ofthe Bank and the Fund on the Transfer of Real Resources to Developing Countries) ONE HUNDRED AND TENTH MEETING WASHINGTON, DC – OCTOBER 25, 2024 DC/S/2024-0057 October 25, 2024 Statement by H.E. Adebayo O. Edun Minister of Finance Federal Republic of Nigeria On behalf of the Constituency of Angola, Nigeria and South Africa Statement by H.E. Adebayo O. Edun Minister of Finance Federal Republic of Nigeria On behalf of the Constituency of Angola, Nigeria and South Africa 110th Meeting of the Development Committee October 25, 2024 Washington, DC On behalf of Africa Group III Constituency comprising of Angola, Nigeria and South Africa, I wish to thank President Ajay Banga for his leadership and commitment in driving the reform agenda in an efficient, timely, and inclusive manner. I also appreciate the Management and staff of the World Bank Group (WBG) and would like to commend their dedication to the achievement of consensus on critical global development issues that require our discussions and decisions. Your hard work does not go unnoticed. This year marks the 80th anniversary of the Bretton Woods Institutions (BWIs) and a critical opportunity to reflect on particularly the WBGs’ initial objective to reconstruct and rebuild countries, in the aftermath of the second World War. The BWIs have historically played a significant role in our development efforts. However, the current global landscape is vastly different from that of 80 years ago. There are some claims of modest ambition of the past interventions by BWIs which underscores the urgent need for transformation to better serve the evolving needs of the global economy and make a significant impact on the global architecture of development finance. The WBG Evolution Roadmap has therefore been a timely exercise that has allowed shareholders to assess how effectively and efficiently the WBG operates and whether or not it can meet the demands of recipient countries. The progress made to ensure that the WBG is fit for purpose has been commendable. Sub-Saharan Africa Growth Landscape The Sub-Saharan Africa (SSA) region is experiencing a weakened growth rate of 3%, primarily due to the underperformance of Angola, Nigeria, and South Africa. Early 2024 shows signs of recovery with increased private sector activity and a strengthening global economy, despite weak government balance sheets, high debt-service costs, and currency depreciations. The growth outlook for SSAis projected to improve to 3.5% in 2024 and average around 4% from 2025 to 2026, driven by lower inflation and better private consumption and investment, although political instability and conflict may delay recovery efforts in some areas. Food insecurity remains a critical issue, with an estimated 135 million people in the region suffering from acute food shortages in 20241. This alarming situation has been exacerbated by prolonged droughts in parts of East Africa, floods in Western and Southern Africa, and ongoing violent conflicts in countries within the Sahel region, the Horn of Africa and the Democratic Republic of Congo (DRC) . These factors collectively contribute to the high levels of food insecurity and underscore the urgent need for comprehensive interventions to address the region's multifaceted challenges. In this context, we believe a focus on the following issues is important: The ongoing Middle East conflict has created devastating humanitarian crisis and poverty rates have soared to 95% . Approximately 70% of housing in Gaza has been destroyed, displacing 1.7 million people, primarily women and children, who face severe malnutrition. The Palestinian Government is requesting 1 World Bank. 2024. Global Economic Prospects, June 2024. more financial aid and support for its membership in international organizations like

FAQs

What does H.E. Adebayo O. Edun emphasize about the World Bank Group’s direction?

He highlights the need for transformation of the World Bank Group to better meet evolving global economic demands and to remain fit for purpose. He also stresses accountability through the Corporate Scorecard FY24–FY30 and transparent disclosure of methodology and data.

What are the main economic and social challenges discussed for Sub-Saharan Africa?

The statement cites a weakened growth rate driven by underperformance in Angola, Nigeria, and South Africa, alongside high debt-service costs and currency depreciation. It also underscores acute food insecurity affecting an estimated 135 million people, intensified by droughts, floods, and violent conflicts.

How does the statement address humanitarian and conflict-related needs?

It points to the Middle East conflict as causing a devastating humanitarian crisis and rapid poverty increases, including destruction in Gaza and displacement of people facing severe malnutrition. It calls for replenishment of the Trust Fund for Gaza and the West Bank, continued humanitarian assistance, and consistent engagement with countries in conflict, including Sudan.

Jul 19, 2026

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