Nigeria is in the process of considering applying for membership in the G20 bloc, a coalition of major global economies. This decision comes after a thorough evaluation of the potential risks and benefits of such a move, as stated by the spokesperson for Nigerian President Bola Tinubu on Sunday.
President Tinubu is scheduled to depart for the G20 summit in India, which begins on Monday. He has received a formal invitation from Indian Prime Minister Narendra Modi, according to spokesperson Ajuri Ngelale. Presently, South Africa is the only African nation that is a member of this group, which consists of the world’s top 20 industrialized nations.
While Nigeria’s aspiration to join the G-20 is favorable, the government has initiated extensive consultations to gauge the advantages and drawbacks of membership, Ngelale stated in an official release.
One of President Tinubu’s key objectives in attending the G20 summit is to advance Nigeria’s aspiration for membership. Ngelale mentioned on Friday that the President’s participation is aimed at fostering foreign investment in Nigeria and mobilizing global capital for infrastructure development.
Nigeria currently faces significant challenges such as high debt levels, a weakening currency, power shortages, and double-digit inflation. The government is actively pursuing strategies to attract investment rather than relying solely on borrowing to generate employment opportunities.
President Tinubu has launched one of the most comprehensive reform programs in decades, which has been met with favor from investors. However, these measures have also increased the burden on Nigerians who are already grappling with a severe cost of living crisis.
For the G20 Summit, President Tinubu will be accompanied by several of his cabinet members, including those responsible for foreign affairs, finance, and trade. This move signifies Nigeria’s commitment to engaging with the global community to address its economic challenges and drive development.
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