Nigeria considers becoming a member of the G20 bloc and its president will attend a summit in India

ABUJA, Sept 3 (Reuters) – Nigeria is considering applying to become a member of the G20 bloc of major economies after concluding consultations on the risks and benefits, the president’s spokesman said on Sunday.

President Bola Tinubu will leave on Monday to attend the G20 summit in India at the invitation of Prime Minister Narendra Modi, spokesman Ajuri Ngelale said.

South Africa is the only African member of the group of the 20 most industrialized countries in the world.

“While Nigeria’s membership in the G-20 is desirable, the government has embarked on extensive consultations with a view to determining the benefits and risks of membership,” Ngelale said in a statement.

Tinubu’s attendance was partly to further Nigeria’s membership goal, he said.

On Friday, Ngelale said that Tinubu assist the G20 summit to try to promote foreign investment in Nigeria and mobilize global capital to develop infrastructure.

Nigeria’s new government wants to encourage investment rather than rely on debt to create jobs as it tries to revive an economy struggling with record debt, a weak currency, double-digit inflation and a skeletal energy supply.

Tinubu has embarked on the boldest reforms in decades, which have been welcomed by investors. However, they have brought additional hardship to Nigerians already facing a cost-of-living crisis.

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

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