Nigeria’s President Bola Tinubu has embarked on a journey to India, where the annual G20 summit is set to take place.
Tinubu visit comes at an important moment for Nigeria, as the nation contemplates becoming a part of this prestigious group of major world economies.
Prime Minister Narendra Modi of India extended a special invitation to President Tinubu, highlighting the growing interest in Nigeria’s potential G20 membership. Ngelale explained that while Nigeria sees the desirability of joining the G20, the government is conducting extensive consultations to carefully evaluate the advantages and drawbacks of such a move.
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The G20, which includes 19 countries and the European Union, is currently presided over by India on a rotating basis among its members. The upcoming two-day global summit in New Delhi is expected to attract numerous world leaders.
Should Nigeria gain entry into the G20, it would become the second African nation, following South Africa, to join the league of the world’s most industrialized nations. Notably, Nigeria boasts the highest GDP in Africa, according to the World Bank.
Since taking office in May, President Tinubu has initiated ambitious economic reforms, although these have sparked widespread protests and led to a weakening of the Nigerian currency, the naira.
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During the forthcoming summit, Nigeria’s focus will be on attracting foreign direct investment to enhance infrastructure development without incurring additional debt, as outlined by Ngelale.
