At IMF/World Bank meetings, Nigeria, Commonwealth nations push for stronger economic ties within bloc

Nigeria has joined other Commonwealth nations to explore strategies aimed at strengthening economic resilience and driving sustainable development among member countries.

In a statement on Monday, Muhammed Manga, director of information and public affairs of the ministry of finance, said the meeting was held on the sidelines of the World Bank and International Monetary Fund (IMF) annual meetings in Washington DC.

Manga said the meeting brought together finance ministers from Commonwealth nations to discuss ways to deepen cooperation and unlock new opportunities for shared prosperity.

Quoting the Commonwealth secretariat, the ministry finance said intra-Commonwealth trade is, on average, 21 percent cheaper than global trade and is projected to reach $2 trillion by 2030.

Doris Uzoka-Anite, minister of state finance, who represented Nigeria at the meeting, called for increased funding to support the bloc’s development agenda, particularly programmes aimed at lifting millions of people out of poverty and enhancing infrastructure across member states.

“The Commonwealth remains a critical platform for collaboration among nations with shared history and values,” Uzoka-Anite was quoted as saying.

“Through collective action, we can overcome global economic challenges and build a more inclusive and resilient future.”

The ministers were said to have emphasised the need for coordinated policies to boost investment, improve trade facilitation, and enhance access to finance for developing economies within the bloc.

According to the statement, the meeting underscored the Commonwealth’s commitment to harnessing its collective strength to achieve sustainable growth and improved livelihoods for millions across its member countries.