Nigeria, the most populous country in Africa and the continent’s largest economy, is contemplating submitting an application to become a member of the G20 group of nations, according to the presidency.
President Bola Ahmed Tinubu, who assumed office in May, intends to participate in the G20 summit taking place in India this week. The summit’s agenda is set to encompass discussions on trade, the global economy, climate, and the conflict in Ukraine.
Since assuming the presidency, Tinubu has initiated an ambitious series of reforms, with the goal of revitalizing Nigeria’s economy and attracting essential foreign investments, as stated by his administration.
In a statement released on Sunday, presidential spokesperson Ajuri Ngelale expressed that G20 membership was indeed desirable. However, the government is currently engaged in discussions to evaluate the advantages and potential benefits of such an accession.
“Once consultations are concluded, the government will decide whether or not to apply to join as appropriate,” it said.
“The participation of President Tinubu at the G20 Summit in India is, in part, in furtherance of this objective.”
The statement mentioned that Tinubu’s participation in the summit comes in response to an invitation from Indian Prime Minister Narendra Modi. During his visit, he will also engage in a roundtable session involving CEOs and industrialists from both India and Nigeria.
While in New Delhi, Tinubu and his ministers will engage in bilateral meetings aimed at encouraging increased foreign investment in Nigeria, a leading petroleum producer on the African continent.
The group of 20 major economies comprises 19 individual nations along with the European Union (EU). Together, they constitute approximately 85 percent of the global GDP and encompass two-thirds of the world’s population.