Monday, September 4, 2023

Nigeria considering G20 bloc membership

Nigeria is considering applying to become a member of the G20 bloc of major economies after concluding consultations on the risks and benefits, the president's spokesperson said on Sunday.

President Bola Tinubu will leave on Monday to attend the G20 summit in India at the invitation of Prime Minister Narendra Modi, spokesperson Ajuri Ngelale said.

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.

By Felix Onuah, Reuters

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