Leaders of the Group of 20, G-20, an inter-governmental forum, comprising 19 sovereign nations, the European Union, and the African Union gathered in New Delhi, India from 9th to 10th September, 2023, for the 18th G20 summit of the organization. With the theme: “One Earth, One Family, One Future,” the summit in New Delhi focused on climate action, inclusive growth, digital innovation, and equitable global health access. The summit also sought to address such issues of the global economy as it relates to international financial stability, climate change mitigation, and sustainable development.
In New Delhi, world leaders supported a new model of inclusive diplomacy with unbiased focal points of consensus, comprehensiveness, and solutions to highlighting “human suffering and negative impacts of the war in Ukraine. Calling on member states to uphold the principles of international law, the G20 harped on the need for members to maintain their territorial integrity, sovereignty, and the multilateral system that safeguards peace and stability.
It was at the 18th G20 Summit, that the group consented to admitting the African Union (AU) as a permanent member of the group. The group believes the inclusion of the AU into the G20 will significantly contribute to addressing global challenges.
Nigeria’s President, Bola Ahmed Tinubu, who provided the voice for Africa’s leading economy expressed Nigeria’s commitment to play a major role within the G-20 and as well to contribute in shaping a more equitable world. President Tinubu requested global unity and cooperation in tackling pressing challenges, fostering inclusiveness, and establishing a fairer world order.
Although Nigeria is not a member of the G20 countries, President Tinubu sees Nigeria’s membership of the coalition as one that needs further consideration. The Nigerian leader has therefore subjected the issue to consultations to determine the risks and benefits of becoming a member of the forum.
President Tinubu attended the 18th G20 summit to promote foreign investments in Nigeria and mobilize global capital to develop infrastructure. President Tinubu emphasized that most of the world’s pressing issues were international and could not be addressed without multilateral cooperation. He called for greater solidarity among nations, tasking advanced economies to support disadvantaged regions in the Global South and promote climate justice.
On the sidelines of the G20 Summit, President Tinubu engaged in several meetings with heads of state identified as key partners in Nigeria’s economic development and diplomacy drive for local investment and wealth creation. Meeting the German Chancellor, Olaf Scholz, and the South Korean President, Yoon Suk Yeol, the Nigerian leader engaged in the unique opportunity to expand ties of prosperity for Nigeria deploying a pragmatic approach towards ensuring the effective execution of agreements struck.
President Tinubu called for the practicality of aligning large-scale German manufacturers with the reality of the new incentives his government is putting in place in Nigeria. The Nigerian leader steered his discussion with the South Korean leader towards his economic focus, he advanced proposals for an enhanced South Korean presence in Nigeria’s local manufacturing sector. As a result of this engagement, the South Korean leader mentioned his country’s utmost interest in Nigeria’s education, technology, and energy sectors.
At President Tinubu’s meeting with Prime Minister, Narendra Modi, Nigeria, and India agreed on an affirmative economic partnership proposal in the areas of agriculture, defense industries capacity building, and Fintech growth.
The Nigerian leader also had exchanges of views with the United States President, Joe Biden, the European Commission President, Ursula von der Leyen, and the World Bank President, Ayay Banga. President Tinubu secured a $14b investment commitment from the Nigeria-India Presidential Roundtable conference, The fund is to be invested in steel and power as well as in the petrochemical sector. President Tinubu equally signed three MOUs in digital solutions, infrastructural development, and local defense production.
He restated at the Executive Roundtable Conference that Nigeria was open for business with intelligent, innovative, capable, and highly committed individuals in government who will drive the largest economy in Africa to destiny.
Rounding off his mission in India after the Summit, President Tinubu took his investment promotion objectives to the United Arab Emirates, UAE, where he discussed bilateral relations between Nigeria and the UAE. Specifically, the President discussed the recent visa ban imposed on Nigerians by the UAE authorities.
Nigeria no doubt has embarked on the most courageous transformation of an era. The largest economy in Africa sets out to encourage investments to generate jobs for its teeming youths. It is expected that the several economic diplomatic engagements of President Bola Ahmed Tinubu would increase foreign investment in Nigeria, enhance the bold economic reforms and expand business opportunities in the country.
