Home » G20 grants membership to AU as Tinubu pulls over $14bn investments from India

G20 grants membership to AU as Tinubu pulls over $14bn investments from India

by Samson Echenim

The G20, a prominent group of nations representing a substantial portion of the world’s economy, has reportedly agreed to confer permanent membership upon the African Union (AU).

This monumental decision, set to elevate the AU’s status, aligns it with the European Union (EU) within the G20 framework, marking a significant stride in Africa’s global presence.

While the move has garnered substantial support from key players within the G20, formalization is expected next year during Brazil’s presidency of the group.

Bloomberg News, citing reliable sources, broke the news that the G20 has reached an agreement to extend permanent membership to the African Union.

The AU, comprised of 55 member states, is currently recognized as an “invited international organization” within the G20.

According to sources cited by Reuters, the formalization of the AU’s membership within the G20 is expected to occur next year during Brazil’s tenure as the head of this esteemed group.

Meanwhile, Nigeria’s President, Bola Ahmed Tinubu has secured over $14 billion investments from Indian government and businessmen during his current visit to the country for the G20 meeting.

According to an NTA report on Wednesday, Tinubu commended Indian investors for significant investment pledges amounting to nearly $14 billion committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.

While addressing investors, Tinubu said: “We are ready to give you the best returns for investment possible, there is nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”

According to the report, the Nigerian President has successfully attracted numerous new investments, including a substantial commitment from Indorama Petrochemical Limited.

The company has pledged an impressive $8 billion for the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.

Furthermore, Jindal Steel and Power Limited, a prominent private steel producer in India, has committed to investing a substantial $3 billion in Nigeria, following productive discussions with President Tinubu.

In a recent development, on September 6th, Nairametrics reported that President Tinubu held a meeting with Gopichand Hinduja, the Chairman and CEO of the Hinduja Group of Companies.

During this meeting, Hinduja expressed his commitment to inject billions of dollars into Nigeria’s bus and automobile manufacturing sectors, among other areas, signifying a promising future for the nation’s economy.
More insights into Tinubu’s investment moves

Back in June 2023, Tinubu placed a strong emphasis on Nigeria’s commitment to fostering a favourable environment for business and investment during meetings held at the Summit for New Global Financing Pact in Paris.

He engaged with both the African Export-Import Bank (Afrexim) and the European Bank for Reconstruction and Development (EBRD) to convey this message.

Tinubu articulated his administration’s unwavering dedication to implementing comprehensive economic reforms and extending a warm invitation to global investors.

The aim was to signify Nigeria’s readiness to establish a highly competitive business landscape that would attract investments across all sectors.

Meanwhile, the president’s decision to eliminate fuel subsidies and unify the exchange rate garnered praise from certain investors. These measures were recognized as significant strides toward fortifying the nation’s economy.


You may also like

Leave a Comment

The Nigerian Economy

The Economy is an online newspaper focusing on delivery of top-notch economic, financial and business intelligence reports for economic development. It is published by Samhapp Integrated Services Ltd., 1, Ojogiwa Street (1st floor) Off Idumagbo Avenue, Lagos Island, Lagos State, Nigeria,  West Africa



Copyright 2023 © The Economy . All Right Reserved. Developed by Jaflah!