Abuja September 4 2023: Nigeria is contemplating seeking membership within the G20, a group of major economies, following a comprehensive evaluation of the associated advantages and drawbacks, as disclosed by the president's spokesperson on Sunday in Abuja, dated September 4, 2023.
President Bola Tinubu is scheduled to depart on Monday to participate in the G20 summit hosted in India, at the invitation of Prime Minister Narendra Modi, as confirmed by spokesperson Ajuri Ngelale. It is worth noting that South Africa is currently the sole African member of this consortium comprising the world's 20 most industrialized nations.
Ngelale, in a statement, remarked, "While Nigeria's accession to the G-20 is an attractive prospect, the government has initiated extensive consultations to gauge the potential benefits and risks of such membership." Tinubu's presence at the summit is partially aimed at advancing Nigeria's aspiration for G20 membership.
On a related note, Ngelale previously stated that Tinubu's attendance at the G20 summit is primarily geared towards attracting foreign investment into Nigeria and mobilizing global capital for infrastructure development. Nigeria's new government seeks to foster investment rather than relying on borrowing to stimulate job creation, given the economic challenges it faces, including soaring debt, a weakened currency, high inflation rates, and insufficient power supply.
Tinubu has undertaken substantial reforms, which, although welcomed by investors, have brought about additional difficulties for Nigerians grappling with a rising cost of living. The president will be accompanied to the summit by several of his cabinet members, including those responsible for foreign affairs, finance, and trade.
