Developing Countries Face $500bn Annual Borrowing Premium, Says Oyedele

Nigeria’s Finance Minister Taiwo Oyedele says developing countries pay an estimated $500 billion more each year to borrow than advanced economies. Speaking at the 17th Bosphorus Summit in Istanbul, he called the gap a “prejudice premium” and urged lenders to assess countries on economic fundamentals rather than exaggerated perceptions of risk. Oyedele said the disparity limits investment, growth and job creation. He called for a more representative IMF, stronger private financing by multilateral development banks, fairer credit assessments, faster debt resolution and climate finance that does not worsen debt burdens. He also cited projections that 1.2 billion young people will enter developing-country labour markets over the next decade, while only 400 million new jobs are expected. On Nigeria, he pointed to 4.43% economic growth in the second quarter of 2026, moderating inflation, reserves above $55 billion and rising private capital inflows. He said the government’s Projects Nigeria initiative has identified 65 investment opportunities worth about $78.5 billion, while Nigeria and Türkiye are working to expand bilateral trade to $5 billion. Oyedele said stability must lead to growth that creates jobs.

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