In a bold move, Nigeria, the most populous country in Africa, is set to participate in the upcoming G20 summit in New Delhi, signaling its keen interest in the global stage. Furthermore, the West African nation is contemplating submitting an application to become a member of this exclusive group of influential nations.
President Bola Ahmed Tinubu, who assumed office in May, has confirmed his attendance at the summit in India. The event’s agenda will encompass critical topics such as trade, the global economy, climate change, and the ongoing conflict in Ukraine.
In an official statement released on Sunday, the Nigerian presidency’s spokesman, Ajuri Ngelale, disclosed that the nation aspired to join the G20. However, discussions are currently underway within the government to meticulously evaluate the potential benefits and implications for Nigeria.
Ngelale emphasized, “When the consultations are completed, the government will decide whether or not it is appropriate for the country to apply. The President’s participation in the G20 summit in India is part of this objective.”
President Bola Tinubu has received a formal invitation from Indian Prime Minister Narendra Modi to attend the 18th G20 summit. During his visit, Tinubu is scheduled to participate in a round-table discussion alongside prominent Indian and Nigerian business leaders and industrialists.
This strategic opportunity also presents a platform for the Nigerian President and his ministers to engage in bilateral discussions aimed at attracting additional foreign investment to Nigeria. The country is a key player in the continent’s oil production sector, and its leaders are eager to further stimulate economic growth through increased foreign investments.
Since assuming office, President Bola Tinubu has launched a series of comprehensive economic reforms designed to revitalize the Nigerian economy and bolster its attractiveness to international investors.
The G20, comprising 19 major economies and the European Union, collectively represents a staggering 85% of global GDP and encompasses two-thirds of the world’s population. Nigeria’s potential inclusion could bring significant implications for Africa and the global landscape.
As Nigeria takes its first steps toward the G20 summit, the world watches with anticipation to see if Africa’s economic powerhouse will secure a spot among the world’s most influential nations.
Photo Source: Google
By: Montel Kamau
Serrari Financial Analyst
5th September, 2023
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