| 25 July 2024, Thursday |

Nigeria mulls G20 bloc membership, president to attend summit in India

Following consultations on the risks and benefits, Nigeria is considering seeking to join the G20 club of big countries, the president’s spokeswoman said on Sunday.

President Bola Tinubu will go for India on Monday at the request of Prime Minister Narendra Modi, according to Ajuri Ngelale.

South Africa is the only African member of the group of the world’s 20 most industrialised nations.

“While Nigeria’s membership of the G-20 is desirable, the government has embarked on wide-ranging consultations with a view to ascertaining the benefits and risks of membership,” Ngelale said in a statement.

Tinubu’s attendance was in part to further Nigeria’s membership objective, he said.

On Friday, Ngelale said Tinubu will attend the G20 summit to try to promote foreign investment in Nigeria and mobilize global capital to develop infrastructure.

Nigeria’s new government wants to encourage investments rather than rely on borrowing to create jobs as it tries to revive an economy struggling with record debt, a weak currency, double-digit inflation and skeletal power supplies.

Tinubu has embarked on the boldest reforms in decades, which have been welcomed by investors. However, they have brought additional hardship to Nigerians already dealing with a cost of living crisis.

Tinubu will attend the summit with some of his cabinet members including foreign affairs, finance and trade ministers.

  • Reuters