Anna Smith
Tue, Sep 5, 2023 12:15 AM

Nigeria Considers Joining G20, President Bola Tinubu Attends Summit in India

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Nigeria Considers Joining G20, President Bola Tinubu Attends Summit in India
Nigeria's President Bola Tinubu is attending this year's G20 summit in India as his country considers joining the bloc of major world economies. Nigeria's membership is under consideration, and the government is weighing the benefits and risks. If Nigeria joins, it would be the second African country, after South Africa, to become part of the league of the most industrialized nations. The country aims to attract foreign direct investment to build infrastructure without taking on excessive debt.

ABUJA, Nigeria (AP) -- Nigeria's President Bola Tinubu left for India on Monday to attend this year's G20 summit, as his country considers joining the bloc of major world economies, presidential spokesperson Ajuri Ngelale said.

Indian Prime Minister Narendra Modi extended a special invitation to Tinubu, as Nigeria's membership is under consideration.

"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.

The G20 brings together 19 countries and the European Union, with India currently holding its presidency, which rotates annually among the members. Many world leaders are expected to attend the two-day global summit in New Delhi.

If Nigeria joins the G20 bloc, it would be the second African country after South Africa to join the league of the most industrialized nations of the world. Nigeria has the highest GDP in Africa, according to the World Bank.

Since assuming office in May, President Tinubu has embarked on bold economic reforms that have drawn mass protests and weakened the naira, Nigeria's currency.

During the summit, Ngelale said the oil-rich nation will try to attract more foreign direct investment to build infrastructure without taking on debt.

This opportunity for Nigeria to join the G20 is significant for the country's economy and global influence. As the most populous country in Africa and with the highest GDP on the continent, Nigeria has the potential to play a crucial role in shaping global economic policies.

However, Nigeria's potential membership also brings concerns and challenges. Some analysts argue that joining the G20 could lead to a further concentration of power among major economies, potentially marginalizing smaller economies and developing countries. Additionally, Nigeria's recent economic reforms have been met with mass protests and the weakening of the naira, indicating potential instability and domestic challenges that need to be addressed.

The government's decision to consult widely before finalizing Nigeria's membership is a positive step. It shows a commitment to carefully evaluate the benefits and risks for the country's economy and to ensure that joining the G20 aligns with Nigeria's long-term goals and interests.

In terms of the economic benefits of joining the G20, Nigeria stands to gain increased access to international trade and investment opportunities. The country can leverage its position as a major oil producer to attract foreign direct investment in other sectors, diversifying the economy and reducing dependency on oil revenues. Additionally, joining the G20 would provide Nigeria with a platform to engage in global economic discussions and influence policies that directly affect African countries.

However, Nigeria must also address the challenges that come with G20 membership. The country needs to strengthen its institutions, improve governance, and tackle corruption to create an attractive environment for foreign investment. Furthermore, Nigeria should prioritize inclusive and sustainable development to ensure that the benefits of economic growth are shared by all segments of society.

Overall, Nigeria's potential membership in the G20 represents a significant opportunity for the country to elevate its global standing and shape international economic policies. However, it is crucial for Nigeria to address domestic challenges and pursue inclusive and sustainable development to fully benefit from G20 membership. The government's consultations and considerations demonstrate a responsible approach towards determining the country's role in the global economic landscape.

Source of content: OOO News 2023-09-04 News

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