Tein Jack-Rich CON, the President/Founder of BelemaOil, Nigeria’s indigenous oil business, has urged the United States to expedite the G-20 membership process for Nigeria and the African Union in order to promote regional prosperity.
The business tycoon made the decision recently when speaking with the US Association of Majors in Washington, D.C., on the sidelines of the US-Africa Leaders Summit.
Jack-Rich, who was in Washington D.C. with US mayors in one of the sub sections, advised world leaders that Africa currently needs the AU and Nigeria to be included in the G-20.
“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” he said.
According to Jack-Rich, technological assistance from industrialized nations can help Africa become a world-class economic hub that will attract the continent’s sizable population.
He urged support for technology that will enable Africa to develop an industrial value chain, arguing that industries are crucial in creating jobs to profitably engage the expanding population of productive age bracket.
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union are the 19 nations that make up the Group of Twenty (G20).
The G20 members account for nearly two-thirds of the world’s population, over 75% of global trade, and 85% of the world’s GDP.
In an effort to forge closer ties with African countries, US President Joe Biden declared during the summit that he was in favor of the African Union joining the Group of 20, a global forum for large economies.
According to Biden, African creativity and leadership are essential for resolving some of the most urgent problems facing the planet.
According to Biden, this is why his administration has endorsed adding an African representative to the UN Security Council and giving the African Union a permanent seat at the G20.
According to Biden, the African Union’s participation in the G20 will give African countries a greater voice on this matter as well as other pressing global issues including climate change and the COVID-19 response.
