Nigeria considers applying for G20 membership

Nigeria is planning to apply for membership in the G20 bloc of major economies after concluding discussions on the risks and benefits of such a move, said a spokesperson of Nigerian President Bola Tinubu on Sunday (September 3).

The president will leave to attend the G20 summit in India on Monday. He has been invited by Indian Prime Minister Narendra Modi, said spokesperson Ajuri Ngelale.

Currently, South Africa is the only African country to be part of a grouping of the world's 20 most industrialised nations.

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"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.

Tinubu's attendance was in part to further Nigeria's membership objective, he said.

Ngelale said on Friday that Tinubu will attend the G20 summit in order to promote foreign investment in Nigeria and to mobilise global capital to develop infrastructure.

Nigeria is currently struggling with record debt, weak currency, power shortage and double-digit inflation. The government is trying to encourage investment rather than relying on borrowing to create jobs.

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President Tinubu has embarked on the boldest reform in decades. The move has been welcomed by investors. However, the measures have brought more hardships to Nigerians who are already dealing with a cost of living crisis.

Tinubu will attend the G20 Summit with some of his cabinet members including foreign affairs, finance and trade ministers.

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