Nigeria’s Finance Minister Edun bags historic appointment at World Bank

*The Federal Ministry of Finance states Minister Olawale Edun’s appointment presents ‘a unique opportunity for Nigeria and the implementation’ of President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda’

Isola Moses | ConsumerConnect

Mr. Olawale Edun, Honourable Minister for Finance and Coordinating Minister of the Economy, has been appointed to chair the African Governors’ Forum of the World Bank, in New York.

ConsumerConnect reports Edun’s historic appointment at the Bretton Woods institution marks the first time Nigeria would assume the role of Chairman of the Forum in 60 years.

The Ministry of Finance Saturday, October 14, 2023, in Abuja, said “the appointment presents a unique opportunity for Nigeria and the implementation of President Tinubu’s Renewed Hope Agenda.”

The African Governors’ Forum or African Caucus was established in 1963, as the “African Group,” with the objective of strengthening the voice of African Governors in the Bretton Woods Institutions (BWIs), i.e. the International Monetary Fund (IMF) and the World Bank Group (WBG), on development issues of particular interest to Africa.

It is equally noted that membership to the Caucus is open to all African countries that are members of the IMF and WBG – currently all the 54 countries on the African continent.

The countries are represented by their respective Governors at these institutions, commonly referred to as the African Governors, who are usually Ministers of Finance and Economic Development, and Central Bank Governors.

Views and concerns of African Governors are conveyed to the Heads of the BWIs through a Memorandum, and that is done annually, at the Annual Meetings of the two institutions.

Historically, the first such Memorandum dates back to September 11, 1964, which was delivered to the Heads of the BWIs on the occasion of the 1964 Annual Meetings in Tokyo, Japan.

The African Caucus meets twice yearly; first, in the host country of the Chairperson of the Caucus and secondly, at the venue of the Annual Meetings of the IMF and WBG.

Recall Mr. Edun mid-August 2023, formally resumed office as Minister of Finance and the Coordinating Minister for the Economy after his appointment by President Bola Ahmed Tinubu and subsequent confirmation by the Senate.