President of Nigeria, Bola Tinubu intends to attend the G20 summit in India on Sept 9 and 10 to promote foreign investment in Africa’s largest economy.
The President also hopes to mobilise global capital to boost infrastructural development, his spokesman said on Friday.
Global investors have received positively, Tinubu’s bold reforms which Nigeria has not seen in decades.
The reforms have however brought more hardship to the masses already smattering under high cost of living.
Labour unions are set to embark on an industrial strike next week and stage a total shutdown later this month.
“The focus of the summit will be heavily predicated on the urgent need to attract foreign direct investment … and to ensure that we are able to mobilise private capital from around the world toward the development of Nigeria’s public infrastructure,” Tinubu’s spokesman, Ajuri Ngelale said in a statement.
The current government seeks to promote investments as against relying on borrowing to create jobs, its finance minister said on Monday.
Tinubu inherited a struggling economy with fuel supply crisis, a weak Naira currency, inflation at a near two-decade high, record debt, shortages of foreign exchange, unstable power supplies and falling oil production due to crude oil theft and low investments.
Ngelale said Tinubu will meet leaders from Brazil, Germany, India, and South Korea on the sidelines of the G20 summit.
The President also intends to meet Indian executives, including Jindal Steel and Power Company, among others.
Tinubu has responded positively to U.S. President Joe Biden’s invitation to meet later this month during the United Nations General Assembly in New York, emphasising the need for increased U.S. investment in Nigeria.