Nigeria eyes stronger economic partnerships with gulf nations

Nigeria has asked for changes to the global economic system to give emerging and developing countries fairer treatment in trade, finance and monetary policies.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the call on Sunday in Saudi Arabia while speaking at the Al Ula Conference for Emerging Market Economies.

The event brought together finance ministers and economic leaders from major emerging countries.

Edun said the current global economic system no longer reflects today’s realities and does not give emerging economies enough voice in decision-making. He stressed that these countries must play a stronger role in shaping a new global economic order.

According to a statement from the Ministry of Finance, Edun also highlighted the growing importance of Gulf countries in global trade and finance. He said the region is becoming a major source of investment and capital for emerging markets.

The minister noted that Nigeria is interested in working more closely with Gulf nations to create new opportunities in trade, infrastructure development and long-term investments.

Edun said Nigeria remains committed to building partnerships that will promote fairness and balance in the global financial system.

He added that a restructured global economy would help emerging countries grow faster, create jobs and improve living standards.

The conference focused on how emerging economies can respond to global economic changes and contribute more to global growth.

Nigeria’s participation, the ministry said, shows the country’s commitment to protecting the interests of developing economies in global discussions.