Wale Edun Makes History as World Bank Appoints Him Chair African Governors' Forum
- Nigeria's Finance Minister, Wale Edun, has secured a new appointment from the World Bank
- Edun, who is one of Tinubu's influential ministers, will chair the African Governors' Forum for the first time on behalf of Nigeria
- During his address, Edun revealed that Nigeria is now the third-most attractive economy for investors
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Nigeria's Minister of Finance and Coordinating Minister for the Economy, 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 of the African Governors' Forum since 1963.
Source: Getty Images
The appointment was disclosed at the ongoing 2023 World Bank/International Monetary Fund (IMF) annual meetings in Marrakech, Morocco, the Cable reports.
Wale Edun speaks
Addressing the media on the sidelines of the annual meetings on Tuesday, October 10, 2023, Edun said the appointment will present a unique opportunity for Nigeria to play a central role in uniting the African continent.
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He further urged the African leaders to rally behind the cause to secure a better future for Africa.
His words:
"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."
African governors forum
The African Caucus was established in 1963 to strengthen the voice of African Governors.
The Forum of the World Bank and IMF comprises African nations' finance ministers and central bank governors.
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.
Wale Edun will now lead the group for one year.
Tinubu borrows over N1.5trn from World Bank in 4 months
Meanwhile, in another report, Legit.ng revealed that Tinubu's government has borrowed over N1.5 trillion from the World Bank since coming into power.
The loans were to take care of various projects, which include girls' education and women's empowerment.
World Bank loans to countries are at interest rates lower than those on commercial bank loans.
Source: Legit.ng
