President Muhammadu Buhari, in company of top Government officials, is set to participate in the D-8 Organisation for Economic Cooperation Summit holding October 20, in Turkey, with theme ‘Expanding Opportunities through Cooperation’.
Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement said delegations from Turkey and Nigeria will hold discussions in various fields including Defence, Cooperation, Security, Education and Migration issues.
“The President will highlight the significant show of confidence in Nigeria’s business environment and economy”.
He stated that the Summit, which is the 9th, will focus on cooperation in the areas of Agriculture, Trade, Transport, Energy and increased Private Sector participation, among member countries.
“He will also affirm Nigeria’s resolve to work with D-8 member countries on many key areas, including peace and security, economy and trade”.
He noted that the President will use the occasion of the D-8 Summit to strengthen ties with leaders of the D-8 member countries, namely Nigeria, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan and Turkey.
“At the end of the Summit, the Heads of State and Government will adopt a Communiqué, also known as the ‘Istanbul Declaration’.
The Summit will also mark the 20th Anniversary of the Organisation established to improve the developing countries’ positions in the world economy.
The Turkish President, Recep Erdogan, in September, asked President Muhammadu Buhari to attend the forthcoming 9th Summit of D-8 in Istanbul in October.
United Nations forum comprises different groups, which serves the interests of different member countries belonging to these groups.
D-8 Organization for Economic Cooperation is an organisation for developing co-operation among member countries: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey.
Developing Eight (D-8), as it is known, strives to improve developing countries’ positions in the world economy.
The body seeks to create new opportunities in trade relations, enhance participation in decision-making at the international level, and provide better standards of living.
The Group of Eight (G-8) refers to a group of eight highly industrialized nations: France, Germany, Italy, Russia, Canada, Japan, United States of America and the United Kingdom.
The group holds annual meetings to foster consensus on global issues like economic growth and crisis management, global security, energy, and terrorism among others.
G-12, also known as the group of twelve is a group of industrially advanced countries whose Central Banks co-operate to regulate international finance.
The G-12 consists of the original ten members of the International Monetary Fund, plus Spain, Switzerland and Australia.
Group of Twenty also called G-20, aims at discussing policy issues pertaining to the promotion of international financial stability. Collectively, the G20 economies account for around 85% of the Gross World Product (GWP), 80% of World Trade (or, if excluding EU intra-trade, 75%), two-thirds of the World Population, and approximately half of the World land area.
Group of 77 is the largest inter-governmental organization of developing countries in the United Nations, which provides the means for the countries of the South to articulate and promote their collective economic interests.
Although the members of the G-77 have increased to 134 countries, the original name was retained due to its historic significance.
The Group of 24 (G-24), a chapter of G-77, was established to coordinate the positions of developing countries on International Monetary matters and to ensure that their interests were adequately represented in negotiations on International Monetary matters.
