Nigeria, the continent’s leading oil producer, and largest economy is actively assessing the prospects of becoming a G20 member, the country’s Presidential Office disclosed.
“The government is currently conducting widespread consultations to weigh both the advantages and drawbacks of joining the G20,” the statement read.
The final decision will be made after these consultations conclude.
Nigeria’s President, Bola Tinubu, is slated to attend the 18th G20 Leaders’ Summit in New Delhi on September 9 and 10.
His attendance comes at the special invitation of Indian Prime Minister Narendra Modi. Tinubu aims to focus on attracting additional investments to Nigeria during the summit.
With a population exceeding 213 million, Nigeria is Africa’s most populous and economic powerhouse.
Yet, despite abundant oil reserves, about 83 million Nigerians, or four in ten, live below poverty levels, as per World Bank statistics.
Entities like Oxfam have cautioned that the country faces “severe levels of economic disparity.”
By investigating G20 membership, Nigeria aims to leverage its economic position while addressing internal challenges.
A decision on this could impact not just Nigeria but potentially offer a new dynamic to the G20 landscape.
The G20, or Group of Twenty, is an international forum for governments and central bank governors from 19 countries and the European Union.
Created in 1999, it aims to discuss policy issues pertaining to the promotion of international financial stability.
Nigeria’s interest in joining this group is an indicator of its rising influence on the global stage.
Historically, Nigeria’s economy has been heavily reliant on its oil sector, which accounts for a significant portion of its GDP and foreign exchange reserves.
However, diversification efforts in recent years have seen growth in other sectors such as agriculture, telecommunications, and services.
Nigeria’s consideration for G20 membership also comes when the African continent is becoming more economically integrated.
Launching the African Continental Free Trade Area (AfCFTA) is a significant step toward this aim and could strengthen Nigeria’s case for inclusion in global economic discussions.