Nigeria’s Tinubu to attend G20 summit in India to boost investment

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Nigerian President Bola Tinubu attends the closing session of the New Global Financial Pact Summit on Friday, June 23, 2023 in Paris, France. Louise Joly/Pool via REUTERS/File Photo Acquire licensing rights

ABUJA, Sept 1 (Reuters) – Nigerian President Bola Tinubu plans to attend the G20 summit in India this month to boost foreign investment in Africa’s largest economy and try to mobilize global capital for infrastructure development, his spokesman said on Friday.

Tinubu has ushered in the country’s boldest reforms in decades, which have been welcomed by investors. However, the reforms brought additional hardship to Nigerians already dealing with livelihood crises.

The country’s major unions plan to go on strike next week and hold an indefinite shutdown later this month.

“The focus of the summit will be heavily predicated on the urgent need to attract foreign direct investment … and ensure that we are able to mobilize private capital from around the world towards the development of Nigeria’s public infrastructure,” Tinubu’s spokesperson, Azuri Negele, said in a statement.

The summit will be held in India on September 9 and 10.

Nigeria wants to encourage investment rather than rely on debt to create jobs, its finance minister said Monday, as the new government tries to revive the West African nation.

Tinubu inherited a struggling economy with record debt, foreign exchange and fuel shortages, a weak naira currency, inflation at nearly two-decade highs, a skeletal energy supply and declining oil production due to crude theft and underinvestment.

Engele said Tinubu will meet the leaders of Brazil, India, South Korea and Germany on the sidelines of the G20.

Tinubu Jindal plans to meet with Indian officials, including the Steel and Power Company, Engele said.

Airtel’s Africa ( AAF.L ), owned by India’s Bharti Airtel ( BRTI.NS ), is Nigeria’s third-largest listed company.

Tinubu called for more US investment in his country after accepting US President Joe Biden’s invitation to the United Nations General Assembly meeting in New York later this month.

Reporting by Felix Onuah; Chizioke Ohuocha wrote; Editing by Cynthia Osterman

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