Nigeria is exploring possibility of applying for G20 membership

Nigeria, one of the largest economies in Africa, is considering the possibility of becoming a member of the G20, the group of the world’s 20 most industrialised nations.

This decision comes after careful consultations on the risks and benefits of joining the bloc, according to the president’s spokesperson.

President Bola Tinubu will attend the G20 summit at the invitation of India’s Prime Minister Narendra ModiNarendra Modi. The attendance of Tinubu at the summit is seen as a step towards realising Nigeria’s membership objective.

Currently, South Africa is the only African country that is a member of the G20. Nigeria’s desire to join this prestigious group is an indication of its ambition to play a more prominent role in the global economic and political arena.

While the benefits of G20 membership are desirable, the Nigerian government is taking a cautious approach by conducting wide-ranging consultations to thoroughly evaluate the advantages and potential risks of joining the group, as stated by the president’s spokesperson.

Tinubu’s presence at the G20 summit will focus on promoting foreign investment in Nigeria and mobilising global capital to develop infrastructure. The current government in Nigeria aims to attract investments rather than relying solely on borrowing to create jobs and stimulate economic growth.

Under Tinubu’s leadership, Nigeria has undertaken bold reforms that have been well received by investors. These reforms are aimed at diversifying the economy, improving the business climate, and attracting both domestic and foreign investments. While these measures have shown promise in attracting investment, they have also brought additional hardships to Nigerians already struggling with a high cost of living.

Accompanying Tinubu at the summit will be some of his cabinet members, including the Ministers of Foreign Affairs, Finance, and Trade. This reflects Nigeria’s commitment to pursuing its membership objective and actively engaging with other G20 nations.

Membership in the G20 would provide Nigeria with a platform to engage with the world’s major economies on important global issues. It would also give Nigeria a voice in shaping international economic policies and foster cooperation in areas such as trade, investment, and development.

However, the decision to apply for G20 membership should not be taken lightly. Joining the group entails both benefits and challenges. Nigeria must carefully consider the potential risks, including the impact on its domestic policies, the need for structural reforms, and the potential for increased scrutiny from international organisations.