Nigeria Considering Joining G20 to Boost Economic Growth

ABUJA (Reuters) - Nigeria is considering applying for membership in the G20 bloc of major economies after conducting extensive consultations on the potential benefits and risks. The Nigerian President, Bola Tinubu, will be attending the G20 summit in India, aiming to advance Nigeria's membership objective and encourage foreign investment in the country.

The G20 is an assembly of the world's most industrialized nations, with South Africa being the sole African representative. Nigeria's potential membership is seen as a desirable step in solidifying its economic standing on the global stage.

"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," said Ajuri Ngelale, the president's spokesperson.

Tinubu's participation in the G20 summit is geared towards attracting foreign investment and mobilizing global capital for infrastructure development in Nigeria. The new Nigerian government under Tinubu's leadership aims to promote investments rather than relying heavily on borrowing to stimulate job creation and revitalize an economy grappling with mounting debt, a weakened currency, high inflation, and limited power supply.

The bold reforms initiated by Tinubu have been well received by investors, despite the challenges faced by Nigerians in coping with increased living costs. The government's objective is to attract both local and international investors to drive sustainable economic growth and prosperity.

Accompanying Tinubu at the summit are key cabinet members, including those responsible for foreign affairs, finance, and trade.

In Nigeria's quest to join the G20, the country aims to enhance its economic potential, secure strategic partnerships, and attract valuable foreign direct investment. The benefits of G20 membership include gaining access to critical economic discussions, cooperation on global economic issues, and increased visibility for Nigeria's investment opportunities.

As Tinubu prepares to address the G20 summit, Nigeria is committed to demonstrating its commitment to economic reforms, improving its business environment, and fostering an atmosphere conducive to investment.

The G20 membership endeavor signifies Nigeria's intention to play a more active role on the international stage, shaping global economic policies, and harnessing mutual benefits for both Nigeria and the G20 community.

Source of content: OOO News 2023-09-03 News

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