Finance Minister, Wale Edun, gets World Bank appointment
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has been appointed to Chair the African Governors’ Forum of the World Bank.
This marks the first time Nigeria has assumed the role of Chairman in 60 years.
This was disclosed on the Ministry’s X handle.
The African Governors’ Forum is a platform for African finance ministers and central bank governors to engage with the World Bank on issues of mutual interest.
The African Caucus was established in 1963 to strengthen the voice of African Governors.
According to the statement from the ministry, “the appointment presents a unique opportunity for Nigeria and the implementation of President Tinubu’s renewed hope agenda.’’
Edun got the appointment at the ongoing 2023 World Bank/International Monetary Fund (IMF) annual meetings in Marrakech, Morocco.
He spoke on the sidelines of the annual meetings of the Bretton Wood institutions and noted that the appointment will present a unique opportunity for Nigeria to play a central role in uniting the African continent, the Finance Ministers of Africa, economic leaders and representatives of governments.
He further urged the African leaders to rally behind the cause to negotiate and ensure a better future for Africa.
He said: “Nigeria has the opportunity now as the chairman of the African Governors’ Forum to unite the continent, enabling African countries to speak with one voice and obtain a better deal for Africa.”
According to the IMF’s guiding principles for the caucus, the forum’s Chairman is determined by rotation based on the alphabetical order of African countries. This system ensures that each country takes its turn to lead the group, preventing one nation from chairing the forum twice while others have yet to assume the role.
However, the guiding principles also allow for flexibility as countries not ready to take the Chair would cede the opportunity to the following government on the list and wait for the next round of rotation.
Based on the established rotation system, Cape Verde and Eritrea were supposed to chair in 2024 and 2025, respectively, but have decided to give it to Nigeria.
Edun will head the position for a year.
