Jack-Rich Seeks Inclusion of Nigeria, AU in G-20 for Accelerated Economic Growth in Africa
- The United States-Africa Leaders Summit 2022, an international conference was recently held in Washington, D.C
- 300 American and African business leaders, including those from Nigeria, convened to catalyze investment in critical sectors
- One of such leaders from Nigeria was Tein Jack-Rich, who made a case for helping Africa build industrial value chain
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Washington - Tein Jack-Rich CON, a former presidential aspirant under the ruling All Progressives Congress (APC), has called on the United States to fast-track the process to admit Nigeria and African Union (AU) into the membership of group of 20 (G-20) to enhance regional development.
Jack-Rich who is the president and founder of Belema Oil, Nigeria's indigenous oil company, made the call recently on the sidelines of the US-Africa Leaders Summit in Washington D.C, United States during an engagement with US Association of Mayors.
Source: Facebook
Jack-Rich who was in Washington D.C in one of the sub sections with US mayors told world leaders that inclusion of AU and Nigeria in G-20 is one thing Africa needs at this moment.
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He said in a video which has gone viral on social media:
"What we need now is your collaboration, I want to use this medium to appeal to you that, one good thing you will do for Africa is to have the African Union as part of G-20 and Nigeria.
"Another thing I also want to appeal for is the admission of Nigeria in G-20 because Nigeria is about 19.3 per cent of Africa's total GDP. That's a strong economy.
"I'm in the energy business, one thing that we need now is technological collaboration."
According to Jack-Rich, technological collaboration from developed countries can enable Africa to build a world class business hub that will engage the huge population of Africa.
He said industries are critical in generating jobs to gainfully engage the growing population of productive age bracket, calling for assistance in technology that will help Africa build industrial value chain.
The Group of Twenty (G20) comprises 19 countries — Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom and United States and the European Union.
The G20 members represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.
US President, Joe Biden had during the summit announced support for the African Union joining G20, a global forum for major economies, as the United States seeks to build stronger relations with African nations.
Biden said African leadership and innovation were critical to addressing some of the world’s most pressing challenges.
United Kingdom lead, China 18th as foreign investors bring N714.8bn into Nigeria
Legit.ng had earlier reported that the National Bureau of Statistics (NBS) recently disclosed Nigeria attracted $1.73 billion from foreign investors, companies in the third quarter of last year (Q3’21).
The amount is a 97 per cent improvement from the $875.62 million reported in the second quarter of 2021.
NBS gave the numbers in its released Capital Importation Report for Q3’21 published on its website.
Lagos lead other states on capital importation
Meanwhile, Lagos remains an investor’s favourite in Nigeria as it topped the list of states that attracted the most investments in 2020.
Lagos outshined other states and the Federal Capital Territory (FCT) attracting $8.31 billion in investments.
On the other hand, for two solid years, 11 out of the 36 states in Nigeria failed to attract foreign investments.
Source: Legit.ng
