Nigeria, Africa's most populous country and the continent's largest economy, is considering applying to join the G20 group of nations, the presidency said.

President Bola Ahmed Tinubu, who took office in May, plans to attend the G20 summit in India this week, where trade, the global economy, climate and the Ukraine war will be on the agenda.

Since assuming the presidency, Tinubu has launched an ambitious set of reforms his government says will bring Nigeria's economy back on track and also attract much-needed foreign investment.

In a statement on Sunday, presidential spokesman Ajuri Ngelale said membership of G20 was desirable, but the government was in discussions to assess the benefits of joining.

"Once consultations are concluded, the government will decide whether or not to apply to join as appropriate," it said.

"The participation of President Tinubu at the G20 Summit in India is, in part, in furtherance of this objective."

It said Tinubu was attending the summit at the invitation of Indian Prime Minister Narendra Modi. He will also participate in a roundtable of Indian and Nigerian CEOs and industrialists.

In New Delhi, Tinubu and ministers will hold bilateral meetings to push for more foreign investment in Nigeria, one of the continent's top petroleum producers.

The Group of 20 major economies consists of 19 countries and the European Union (EU), making up about 85 percent of global GDP and two-thirds of the world's population.