Nigeria’s President Bola Tinubu is considering a groundbreaking step for the country by joining the prestigious G20 bloc of major economies.
The news was unveiled by the president’s spokesperson, Ajuri Ngelale, who shed light on the government’s careful deliberations regarding the potential advantages and drawbacks of such a significant move.
Ngelale said: “While Nigeria’s membership of the G-20 is desirable, the government has embarked on wide-ranging consultations to ascertain the benefits and risks of membership.” This move marks a significant shift in Nigeria’s international stance and aspirations.
The revelation came just days before President Tinubu’s scheduled departure to attend the G20 summit in India, a move that underscores Nigeria’s determination to explore this new avenue.
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The invitation to the summit, extended by India’s Prime Minister, Narendra Modi, adds weight to Nigeria’s quest for a seat at the table of the world’s 20 most industrialized nations.
However, the primary objective behind President Tinubu’s attendance at the summit is clear: to further Nigeria’s membership ambitions. Ajuri Ngelale highlighted this, saying: “Tinubu’s attendance was in part to further Nigeria’s membership objective.”
Moreover, the spokesperson disclosed that the president’s participation in the G20 summit is aimed at promoting foreign investment in Nigeria and rallying global capital for infrastructure development.
This aligns with Nigeria’s new government’s strategy, which seeks to boost investments rather than relying on borrowing to stimulate job creation and address pressing economic challenges such as record debt, currency weakness, double-digit inflation, and inadequate power supply.
President Tinubu’s administration has initiated bold reforms, drawing praise from investors. Nevertheless, these reforms have also brought added difficulties for Nigerians already grappling with the high cost of living.
As the nation navigates these changes, the president remains committed to economic rejuvenation.
He will be accompanied by key cabinet members, including the foreign affairs, finance, and trade ministers, to the G20 summit in India. This reflects Nigeria’s determination to explore new avenues for economic growth and international influence.
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