The G-20 summit held in New Delhi, India, has concluded, marking a significant stride for the Nigerian delegation, headed by President Bola Ahmed Tinubu. While it may be early to declare Nigeria’s full return to the global stage, there are promising signs of redemption. The invitation of Nigeria as a guest to the G20 itself signifies a resurgence facilitated by President Tinubu’s administration.
Furthermore, President Joe Biden’s endorsement reinforces this renewed hope agenda. He acknowledged, “Nigeria’s invitation to the G20 Summit is a recognition of Nigeria’s important global role as Africa’s largest democracy and economy.”
The summit served as President Tinubu’s inaugural international endeavor focusing on investment facilitation, resource mobilization, and forging economic partnerships across borders since taking office on May 29, 2023.
The Nigerian delegation demonstrated exceptional seriousness throughout the summit, a noticeable departure from past practices where unrelated attendees would find themselves at the summit. The delegation comprised President Tinubu, four ministers, and two state governors.
Finance Minister Wale Edun clarified that Nigeria’s participation aimed at attracting global capital and foreign direct investment, reflecting the administration’s dedication to job creation, inclusivity, and economic diversification. He reassured investors that the Tinubu administration is actively working to streamline macroeconomic factors such as inflation and exchange rates to improve the ease of doing business.
Notably, the summit garnered pledges of approximately $14 billion to reinvigorate Nigeria’s economy. These pledges were allocated across various sectors, including petrochemicals, steel, power, security, and the digital economy. Some companies, such as Indorama Petrochemical Limited and Jindal Steel and Power Limited, committed to significant investments.
Beyond pledges, President Tinubu engaged in bilateral talks with world leaders to deepen economic ties. Notably, he conversed with the German Chancellor, South Korean President, Indian Prime Minister, and President Biden of the United States.
Moreover, the G20 formally admitted the African Union as a member, with President Tinubu representing ECOWAS, a sub-regional bloc of the African continent.
Following the G20 summit, President Tinubu’s agenda led him to Abu Dhabi, United Arab Emirates, to resolve visa bans and the Emirates/Etihad airline dispute that hindered aviation business relations.
Next on the President’s itinerary is the United Nations General Assembly (UNGA) in New York, USA. This year, President Tinubu will be one of the early keynote speakers at this global assembly of heads of state, signifying a notable shift in scheduling. Additionally, he is scheduled to ring the closing bell of NASDAQ on September 20th, 2023.
In conclusion, while it’s still early, the events at the G20 summit and subsequent diplomatic engagements hold promise for Nigeria’s resurgence on the global stage. President Tinubu’s commitment and proactive engagement signal a potential turning point for the nation. His declaration, “Nigeria is open for business, and all we need, as a people, is a mindset change,” encapsulates the administration’s forward-looking approach.