What Is G20 Summit 2023


What is the purpose of G20 Summit 2023?

G20 Summit 2023 in India – It is worth noting that the G20 group does not have a permanent member and consequently observes the procedure of rotating presidency. In 2023, as India will convene the G20 Leaders’ Summit for the first time- 43 Heads of Delegations- the largest ever in the G20, it will ultimately participate in the final New Delhi Summit in September later this year.

LiFE (Lifestyle for Environment) Boosting Employment Inclusive, Equitable and Sustainable Growth Tourism and Agriculture Skill-mapping, climate financing, global food security, energy security, and green hydrogen Digital public infrastructure and tech-enabled development

What happens in G20 summit?

“India’s G20 Presidency will work to promote this universal sense of one-ness. Hence our theme – ‘One Earth, One Family, One Future'” – Prime Minister,, Narendra Modi December 1 st, 2022 is a momentous day as India assumed the presidency of the G20 forum, taking over from Indonesia.

  1. As the largest democracy in the world, and the fastest growing economy, India’s G20 presidency will play a crucial role in building upon the significant achievements of the previous 17 presidencies.
  2. As it takes the G20 Presidency, India is on a mission to bring about a shared global future for all through the Amrit Kaal initiative with a focus on the LiFE movement which aims to promote environmentally-conscious practices and a sustainable way of living.

With a clear plan and a development-oriented approach, India aims to promote a rules-based order, peace and just growth for all. The 200+ events planned in the run up to the 2023 Summit will strengthen India’s agenda and the six thematic priorities of India’s G20 presidency.

  • The G20 group of 19 countries and the EU was established in 1999 as a platform for Finance Ministers and Central Bank Governors to discuss international economic and financial issues.
  • Together, the G20 countries account for almost two-thirds of the global population, 75% of global trade, and 85% of the world’s GDP.

In the wake of the global financial and economic crisis of 2007, the G20 was elevated to the level of Heads of State/Government and was named the “premier forum for international economic cooperation.” The G20 has two main tracks of engagement: the Finance Track for finance ministers and central bank governors and the Sherpa Track.

The G20’s proceedings are led by the Sherpas, who are appointed as personal envoys of the leaders of member nations.These Sherpas are responsible for overseeing the negotiations that occur throughout the year, deliberating on the agenda for the summit and coordinating the substantive work of the G20.

Both tracks have working groups to address specific themes with representatives from relevant parties. Working groups this year will focus on global priority areas such as green development, climate finance, inclusive growth, digital economy, public infrastructure, technology transformation, and reforms for women empowerment for socio-economic progress.

  • All these steps are taken to accelerate progress towards the Sustainable Development Goals and secure a better future for the generations to come.
  • India’s G20 Presidency: India will convene the G20 Leaders’ Summit for the first time in 2023, as 43 Heads of Delegations- the largest ever in the G20–will participate in the final New Delhi Summit in September later this year.

As a nation committed to democracy and multilateralism, India’s presidency will be a significant milestone as it seeks to find practical global solutions for the benefit of all and embody the idea of “Vasudhaiva Kutumbakam,” or “the world is one family.” The G20 Summit is held annually with a rotating presidency, and in 2023, India will hold the presidency.

  • The group does not have a permanent secretariat and is supported by the previous, current, and future holders of the presidency, known as the troika.
  • In 2023, the troika consists of Indonesia, Brazil, and India.
  • This summit will conclude a series of meetings throughout the year, with potential host cities for meetings from December 2022 to February 2023 including Bengaluru, Chandigarh, Chennai, Guwahati, Indore, Jodhpur, Khajuraho, Kolkata, Lucknow, Mumbai, Pune, Rann of Kutch, Surat, Thiruvananthapuram, and Udaipur.

Vasudhaiva Kutumbakam, which translates to “One Earth, One Family, One Future,” is the theme of India’s G20 presidency. It is inspired from the Maha Upanishad, an old Sanskrit scripture. The theme fundamentally highlights the importance of all life—human, animal, plant, and microorganism—as well as their interdependence on Earth and across the universe.

The theme also exemplifies LiFE (Lifestyle for Environment), which highlights the importance of environmentally sustainable and responsible lifestyle choices, both at the individual and national level, in creating a cleaner, greener, and bluer future. The G20 Presidency also heralds for India the start of “Amritkaal,” a 25-year period commencing from the 75th anniversary of its independence on August 15, 2022, leading up to the centenary of its independence India’s G20 Priorities: 1.

Green Development, Climate Finance & LiFE

India’s focus on climate change, with a particular emphasis on climate finance and technology, as well as ensuring just energy transitions for developing countries. Introduction of the LiFE movement, which promotes environmentally-conscious practices and is based on India’s sustainable traditions.

2. Accelerated, Inclusive & Resilient Growth

Focus on areas that have the potential to bring structural transformation, including supporting small and medium-sized enterprises in global trade, promoting labour rights and welfare, addressing the global skills gap, and building inclusive agricultural value chains and food systems.

3. Accelerating Progress on SDGs

Recommitment to achieving the targets set out in the 2030 Agenda for Sustainable Development, with a particular focus on addressing the impact of the COVID-19 pandemic.

4. Technological Transformation & Digital Public Infrastructure

Promotion of a human-centric approach to technology and increased knowledge-sharing in areas such as digital public infrastructure, financial inclusion, and tech-enabled development in sectors such as agriculture and education.

5. Multilateral Institutions for the 21st century

Efforts to reform multilateralism and create a more accountable, inclusive, and representative international system that is fit for addressing 21st century challenges.

6. Women-led Development

Emphasis on inclusive growth and development, with a focus on women empowerment and representation in order to boost socio-economic development and the achievement of SDGs.

Which country is hosting the G20?

List of G20 Summits & Members

List of G20 Summits
G-20 Summits Dates G20 Host Countries
17th November 15 -16, 2022 Indonesia
18th September 9 – 10, 2023 India
19th 2024 Brazil

Why is G20 important?

The Group of Twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. India holds the Presidency of the G20 from 1 December 2022 to 30 November 2023.

What is the main aim of G20?


Group of Twenty
G20 Logo India 2023
Member countries in the G-20 Countries represented through the membership of the European Union Countries permanently invited ( Spain )
Formation 26 September 1999 (23 years ago) 2008 ( heads-of-state / heads-of-government summits)
Type International organization
Purpose Bring together systemically important industrialized and developing economies to discuss key issues in the global economy,
Headquarters Current Capital city of G20 Host
Membership 20 members
Chairman (Incumbent) Narendra Modi, Prime Minister of India
Website https://g20.org/en/

The G20 or Group of 20 is an intergovernmental forum comprising 19 countries and the European Union (EU). It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development,

  1. The G20 is composed of most of the world’s largest economies ‘ finance ministries, including both industrialised and developing nations ; it accounts for around 80% of gross world product (GWP), 75% of international trade, two-thirds of the global population, and 60% of the world’s land area,
  2. The G20 was founded in 1999 in response to several world economic crises.
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Since 2008, it has convened at least once a year, with summits involving each member’s head of government or state, finance minister, or foreign minister, and other high-ranking officials; the EU is represented by the European Commission and the European Central Bank,

  • Other countries, international organizations, and nongovernmental organizations are invited to attend the summits, some permanently.
  • In its 2009 summit, the G20 declared itself the primary venue for international economic and financial cooperation.
  • The group’s stature has risen during the subsequent decade, and it is recognised by analysts as exercising considerable global influence; it is also criticised for its limited membership, lack of enforcement powers, and for the alleged undermining of existing international institutions.

Summits are often met with protests, particularly by anti-globalization groups,

Why Saudi Arabia not attending G20?

By Geeta Mohan : While China has made it clear that it will not attend any meetings in Arunachal Pradesh, Ladakh and Jammu and Kashmir, Turkey, Egypt and Saudi Arabia have now chosen to distance themselves from the G20 meeting in Kashmir to avoid any controversy.

The countries consider the region to be disrupted and the Organisation of Islamic Cooperation (OIC), of which the countries are a part, has a strong view on Kashmir. However, sources have confirmed to India Today that Saudi Arabia and Turkey will be represented here by their travel industry representatives.

The third G20 tourism working group’s meeting kicked off in Srinagar today amid elaborate security arrangements. The chief coordinator of the G20, Harshvardhan Shringla, emphasised during an interaction with the media on Sunday that the three-day meeting will see a more impressive participation of foreign delegates compared to the two previous ones.

  1. Also Read | ‘Disputed territory’: China ‘firmly opposes’ G20 meeting in Kashmir, says will skip it “We have the highest representation from foreign delegations for the tourism working group meeting in Srinagar than we have had in the previous working group meetings.
  2. Our experience is that in any working group meeting, to get such a large turnout of delegates not only from G20 countries but also from international organisations that are part of the G20, is an incredible process,” Shringla told reporters.

Interestingly, unlike other G20 events, most of the sessions on Monday were open to the media. A major thrust during this meeting will be on ‘film tourism’ as an “effective medium of promoting a destination and establishing it on the tourism map”, an official release said.

Also Read | Srinagar dolled up, Marcos, NSG deployed as G20 meet begins today The chief guest on the first day was Telugu superstar Ram Charan, who said that the most beautiful place to set a film in India is in Kashmir. He also recounted his trips to the Valley with his father. “Films with the ability to bring opulence to new destinations tend to generate strong connections with viewers, creating opportunities for the tourism sector,” an official release said.

“Globally, countries recognise various direct and indirect benefits of encouraging film productions to increase film-induced tourism. To enable the promotion of tourism destinations through films, it is essential to attract the film producers by simplifying the administrative process and incentivizing films,” it added.

How important is the G20 summit?

Why does the G20 matter? – Together, the nations of the G20 account for around 80 percent of global economic output, nearly 75 percent of global exports, and about 60 percent of the world’s population. These figures have remained relatively stable while the corresponding rates for Group of Seven (G7) nations, a smaller group of advanced democracies, have shrunk, as larger emerging markets take up a relatively greater share of the world’s economy.

The G20 was formed in 1999, in the wake of the Asian financial crisis, to unite finance ministers and central bankers from twenty of the world’s largest established and emerging economies. A decade later, at the height of the global economic crisis, the G20 was elevated to include heads of state and government.

Many experts credit the G20 with quick action; former CFR fellow Stewart Patrick said the group ” rescued a global financial system in free fall,” In 2008 and 2009, G20 nations agreed to spending measures worth $4 trillion to revive their economies, rejected trade barriers, and implemented far-reaching reforms of the financial system.

More on: G20 (Group of Twenty) International Economics Diplomacy and International Institutions United States Joe Biden Since then, Patrick and other observers say, the G20 has struggled to achieve similar success on its goals of coordinating monetary and fiscal policies, achieving higher growth, and rooting out corruption and tax evasion.

Geopolitical analysts Ian Bremmer and Nouriel Roubini have argued against the G20’s utility, saying that a “G-Zero” world is emerging instead—one in which countries go it alone or form ad hoc coalitions to pursue their interests. In 2021, CFR’s Richard Haass and Charles A.

Kupchan called for a new concert of powers, contending that “fly-in, fly-out” G20 summits are often bogged down by “haggling over detailed, but often anodyne, communiqués.” But many observers point out that the G20’s membership is still more representative of the current international balance of power than blocs of countries formed earlier, such as the G7.

Several rising democracies, including Brazil, India, and Indonesia, belong to the G20, as do other influential autocratic countries, such as China, Russia, and Saudi Arabia. (Russia’s G7 membership was suspended indefinitely in 2014 following its annexation of Ukraine’s Crimea region.) For this reason, Patrick described the 2008 elevation of the G20 as a watershed moment in global governance and argued that the group was the best-suited forum for tackling the challenges of the COVID-19 pandemic.

Is China a part of the G20?

G-7 and G-20 – The U.S. Department of the Treasury engages with the Group of 7 (G7) and Group of 20 (G20) on a variety of international economic development and security issues. The G-7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, has met regularly since the mid-1980s at the finance minister and central bank governor level.

The G-20 has also met regularly since 1999 at the finance minister and central bank governor level. In 2008, the G-20 country leaders began meeting regularly to address the global financial crisis and in 2009 the G-20 was elevated to the premier international economic forum. The members of the G-20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the U.K.

and the U.S., as well as the European Union, represented by the rotating council presidency and the European Central Bank. Please find recent news and updates regarding the Treasury Department’s engagement with the G7 and G20 in the News section, Archived Statements

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How many countries attend G20?

Membership – The G20 comprises nineteen countries and the European Union (EU). It represents all inhabited continents, 80% of world GDP, 75% of global trade and 60% of the world’s population. The twenty (20) members are:

ArgentinaAustraliaBrazilCanadaChinaEuropean UnionGermanyFranceIndiaIndonesiaItalyJapanMexicoRussiaSaudi ArabiaSouth AfricaSouth KoreaTürkiyeUnited KingdomUnited States of America

The G20 presidency rotates annually among member states. India is hosting the G20 in 2023, followed by Brazil and South Africa in 2024 and 2025, respectively.

What are guest countries in G20?

‘Nine guest countries’ to summit will be ultimately guided by ‘continuity’ of G20 February 24, 2023 01:13 am | Updated 01:13 am IST – NEW DELHI Victoria Memorial is decorated with G20 signage. | File Photo | Photo Credit: PTI The “nine guest countries” to the G20 summit and ministerial meetings are expected to bring their own plans to the events but they will be ultimately guided by the “continuity” of G20, a source familiar with the planning of the summit has informed.

Under India’s Presidency, nine countries — Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and the United Arab Emirates — have been invited to be the “guest countries” in a year when the G20 is struggling to strike a balance between the agenda of the western countries and that of the Global South.

“The invitee countries are like any other participants of G20. This is an opportunity for these countries to come and be an equal partner in the G20 process. We will not create preconditions for countries saying ‘don’t bring this or that’ but G20 has a certain agenda.

G20 has a continuity as the summit represents a continuous process that has run through many Presidencies,” said the source emphasising that the G20 lays seeds for actionable policy and therefore the “invitee countries” are also expected to play an important role in the summit without in anyway derailing it.

The agenda of this year’s G20 summit is in the early stage and the ideas are being “socialised”, said the official. The evident caution regarding the ideas is partly fuelled by the intense differences that have been generated by the division among the leading members of the group because of the Ukraine crisis.

  • Already, ahead of the summit, countries like the UAE, Egypt, Bangladesh have boosted diplomatic activities, indicating that they wish to use the gathering in India for respective foreign policy goals as well.
  • During last week’s visit to Dhaka, Foreign Secretary Vinay Mohan Kwatra was told about Dhaka’s interest in becoming a non-permanent member at the UN Security Council.

In the coming months, Prime Minister Sheikh Hasina is expected to take this idea to multiple foreign partners of Dhaka. Similarly, continued Israeli actions in the recent weeks against the Palestinians have increased bilateral irritation with Egypt. Similarly, Netherlands is expected to raise the Ukraine issue forcefully.

  1. These angles have attracted attention of the G20 watchers about what the “guest countries” will bring to the table on their own.
  2. The agenda of the G20 has so far remained a strongly contested matter with two different groups demanding differing subjects to be highlighted.
  3. While the western block in G20 led by the U.S.

and the U.K. are expectedly focused on cornering Russia the other side is determined not to allow the event to become an anti-Russia meeting. The broad approach that is emerging across a majority of members is that the “governance issues that are not being addressed in the United Nations and other multilateral forums should be taken up at the New Delhi G20”.

Accordingly, the commodities crisis, price rise, energy price rise, debt restructuring — issues that have intensified in the backdrop of the Ukraine war since February 2022 are likely to find attention of the bulk of the members. A good test of this evolving agenda-forming discussion will be apparent in Bengaluru where the meeting of the Finance Ministers and Central Bank Governors will take place on Friday to be followed by the foreign ministers’ meeting in March (1-2), which will be the biggest diplomatic event of the outfit before the summit of the heads of states and governments in September.

A sign of the western focus was evident in U.S. Treasury Secretary Jannet Yellen’s comments in Bengaluru on Thursday when she pledged to bump up economic support to Ukraine by $10 billion while coming down heavily on Russia’s military campaign. The meeting of the Finance Ministers and Central Bank Governors (FMCBG) to be chaired by Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das is being keenly watched here as it will be held on February 24, which marks the first anniversary of Russia’s attack on Ukraine.

The FMCBG meet is likely to give a hint to the foreign ministers’ meeting in New Delhi during March 1-2 but it is understood that the coming summit aims to strike a balance where all compelling issues will be addressed without overshadowing the economic issues that are posing a tough challenge before the countries of the Global South.

A source indicated that the issues that are closer to the Global South will not be allowed to be overshadowed by western insistence on a particular European matter. : ‘Nine guest countries’ to summit will be ultimately guided by ‘continuity’ of G20

Where is headquarter of G20?

Headquarters of the G20: – There is no headquarters of G20 as It is a forum for the countries to discuss important international matters only. The decisions made in the G20 forum are not binding to any country to follow.

Which country is the largest economy in the G20?

GDP | G20

Country Last Previous
United States 25463 23315
China 17963 17820
Euro Area 14041 14571
Japan 4231 5006

Which country has the largest economy in the world?

The United States of America –

  • GDP: $26,854 billion
  • GDP By Country Per Capita: $80,030
  • Annual GDP Growth Rate: 1.6%

The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023. Its economy boasts remarkable diversity, propelled by important sectors, including services, manufacturing, finance, and technology.

Which country is not a member of G20?

Free 10 Questions 10 Marks 7 Mins Argentina, Australia, Brazil, Canada, China, France,Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, European Union are the respective members of G20.

  • Chile is not the member of G20.
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What is the difference between G7 and G20?

The G20 and G7 are two of the most powerful and influential groups in the world. The G7 contains countries with most advanced and strong economies in the world, while G20 or Group of 20 is a combination of developing and developed nations. This year, India is heading the G20 Group Summit, and almost 230 meetings are scheduled in different parts of India.

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What is the role of G20 in climate change?

The commitments adopted by the G20 members in the domain of climate change revolve around the following issues: energy access, security and markets; energy efficiency and renewables; rationalising and phasing out of fossil fuel subsidies; adoption of advanced and clean technologies; resilient infrastructure;

Why is China not in G20?

As the third G20 meeting tourism working group meeting has begun today in Srinagar, China and Turkey will not join the crucial meet in Kashmir which is taking place after the abrogation of Article 370 in 2019. China’s decision is likely to be derived from the objections of Pakistan, its close ally, which claimed that the G20 meetings are aimed at perpetuating India’s “illegal occupation” of Jammu and Kashmir.

  • A formal statement issued by Chinese Foreign Ministry spokesman Wang Wenbin stated, “China firmly opposes holding any form of G20 meetings on disputed territory.
  • We will not attend such meetings.” Both Pakistan and China have previously made unwarranted references to the Indian Union Territory of Jammu and Kashmir.

India has constantly rejected the statements from Beijing and Islamabad on Jammu & Kashmir. It is pertinent to note that India and China are also locked in a lingering border standoff in eastern Ladakh for three years. Media reports stated that Turkey is also expected to join China in its decision to oppose the G20 tourism meeting in Srinagar.

  • However, no official statement has come from the officials yet.
  • In the recent past, Turkey has criticized the Indian government’s handling of the Kashmir issue.
  • Meanwhile, the Indian Army’s troops have been patrolling the streets of J&K’s summer capital Srinagar ahead of a G20 tourism meeting,
  • Security has been beefed up “at vulnerable locations to avoid any chance of terrorist attack during the G20” meeting.

It is the first diplomatic meeting in the union territory since Prime Minister Narendra Modi-led central government revoked its limited autonomy and took direct control in 2019. The three-day gathering started on Monday at a sprawling, well-guarded venue on the shores of Dal Lake in Srinagar.

Roads leading to the location have been freshly black-topped, and electricity poles lit up in the colors of India’s national flag to show what officials say is “normalcy and peace returning” to the region. India has been promoting tourism in Kashmir and more than a million of its citizens visited last year.

India holds the Group of 20 presidency for 2023 and has planned more than 100 meetings across the country. What Is G20 Summit 2023 Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less Updated: 22 May 2023, 09:59 AM IST

Which countries boycott G20?

China, Saudi Arabia, Turkey, Egypt stay away China was the first to follow the criticism levelled by the UN Special Rapporteur to declare that it will not be participating in the meeting.

Why Nigeria is not in the G20?

Carrington: Why Nigeria Not Part of G-20 Nations

• Says African giant can fulfill her potential Gboyega Akinsanmi Former United States Ambassador to Nigeria, Walter Carrington, on Monday said abysmal economic performance and over-reliance on petrodollars formed the core reasons Nigeria had not been invited to join G-20, an international forum of the world’s largest advanced and emerging economies.For Nigeria to get out of the woods, however, Carrington suggested that the leadership of the country “ should direct more of its oil revenue to growth-enhancing sectors like agriculture, energy and infrastructure among others.”He expressed grave concerns over Nigeria’s poor economic performance at a public lecture he delivered at the Civic Centre, Victoria Island, Lagos, yesterday under the chairmanship of former Chairman of Punch Newspapers, Chief Ajibola Ogunsola.

The lecture, which was titled: ‘Nigeria and Africa in a Changing World’, was organised by the Lagos State Office of Overseas Affairs and Investment. It was held alongside the public presentation of a book: ‘Defend the Defenseless’ which his wife, Dr.

  1. Arese Carrington just published.
  2. At the lecture, Carrington said although its economy “is the 20th largest in the world and is expected to rise to ninth by 2050, Nigeria has not been invited to the G-20, which represents the world’s most advanced economies.
  3. €œSouth Africa, whose economy, is smaller and is not expected to grow as dramatically as Nigeria’s is however, a member.

I continue to wonder whether the continuing domination of South Africa’s economy by her white minority gives Western countries a comfort level that they do not feel when dealing with black controlled economies in the rest of Africa. “Some 15 years ago, four of the world’s major emerging economies namely, Brazil, Russia, India and China, came together in a group that became known by the acronym BRIC.

  • €œIn 2010, seeking an African member, they chose South Africa which became the S in the newly named BRICS.
  • I look forward to the day when Nigeria becomes the N in a renamed group of 6 which will be known as the BRINCS.” He expressed optimism that Nigeria could realise its potential in the new world by taking full advantage of its population boom and creating an enabling environment for youths to be productive.

He explained that Cote D’Ivoire and Senegal had impressive growth rates than Nigeria last year due to their less reliance on oil. He said Nigeria must diversify its sources of export earnings and focus on agriculture, energy and infrastructure. Carrington noted that Nigeria “continues to be frozen out of membership of confederation of nations which are thought to be the most important in the world.

South Africa enjoys more respect internationally than Nigeria despite its size and resources. “Nigeria’s growth rate last year slowed to an anemic 1.6 per cent. He said the weak performance, according to a United Nations report, was a fallout of depressed oil prices, falling oil production, energy shortages and price hikes, scarcity of foreign exchange and depressed consumer demand.” He, however, said Cote D’Ivoire posted an impressive growth rate of eight per cent, while Senegal grew by 6.3 per cent, noting that even with power shortages and bad agricultural weather, these two Francophone countries were able to outshine Nigeria by far.

The former ambassador said: “Falling oil prices in 2016 underscored the necessity for oil revenue dependent economies like Nigeria’s, to diversify their sources of export earnings. If the signs that oil prices may recover prove to be accurate, it is incumbent upon countries like Nigeria to direct more of that revenue to growth-enhancing sectors like agriculture, energy and infrastructure.” Carrington said there “has been a raft of optimistic predictions for Nigeria’s future partly because of the feeling that Nigeria, under its current leadership, is on the verge of turning around.” : Carrington: Why Nigeria Not Part of G-20 Nations