President Bola Tinubu, on Monday in Berlin, Germany, told international investors that beyond Nigeria’s natural resources, its citizens, who are highly educated, highly skilled and naturally hard-working, are the main asset and advantage it exercises over other nations in the global race. for new investments.
The president was speaking at a panel discussion titled “Promoting local value chains and investments in Africa: the role of the German private sector”, at the G20 pact with the African Economic Conferencepresented by German Chancellor Olaf Scholz.
The President noted that while promoting the rule of law is crucial to attracting foreign investment, Nigeria’s energetic youth population and well-educated population represent the greatest incentive provided to investors for the mutually beneficial replication of China’s economic resurgence.
“We are tenacious in our pursuit of natural gas development today, along with hydrogen production tomorrow. The world knows Nigeria as a leader in the energy sector. Our vast gas deposits and business-friendly environment make us an attractive investment destination. But now we go one step further. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to quickly accommodate foreign investments.
”We are eager and ready to partner with you. We have the youngest, largest and most vibrant youth population in Africa. Likewise, we have all the necessary ingredients to build a modern economy: a well-educated population, a mass market, and the political will to bring it all together under my leadership.
“Africa has overcome past false notions of business disincentives and lack of compliance with the rule of law. We now fully recognize the link between the inflow of investor money and the sanctity of contracts. “We want to partner on the basis of who we are and what we do, and not on the basis of long-held misconceptions,” the President said.
President Tinubu briefed the summit on the country’s intentional move towards developing labor-intensive sectors of the Nigerian economy for massive job creation, as well as a new emphasis on technological progress and new opportunities in space of information and communications technology in Nigeria.
He assured potential investors that Nigeria has gone beyond restrictive policies and that today capital can enter and leave the country freely, providing flexibility to investors.
“Nigeria has consolidated its democracy with several consecutive transfers of power. There is stability and predictability in the socio-political development of our country, which provides a conducive atmosphere for business operations and investment. Your money is safe.
“Since I took office in May 2023, we have embarked on transformative changes, removing all obstacles hindering businesses. We are reforming the economy based on the principle and philosophy of good governance,” he said.
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While persuading German automobile companies to set up manufacturing plants in Nigeria, he invited Nigerian companies to take advantage of investment opportunities in multiple sectors following the Chancellor’s successful visit to Nigeria in October.
In his earlier intervention, Chancellor Scholz highlighted the dynamic and evolving nature of economic relations between the developed and developing nations of the world while positioning Germany to enhance its partnership with Nigeria and Africa on a mutually beneficial basis.
“To be clear, this is not traditional development aid with donor-recipient schemes. Instead, we now focus on investments that generate benefits for both parties. In Germany, as we strive to achieve climate neutrality by 2045, we anticipate substantial demand for green hydrogen, a considerable portion of which we plan to import, including from Africa.
“Many African countries have greater potential than we do for renewable energy and competitive hydrogen production. I am convinced that in this context there are fantastic opportunities to expand cooperation between German and African companies.
“I highlighted this during my visit to Nigeria, where we already operate a hydrogen office and aim to be a partner in the ambitious expansion of renewable energy,” the chancellor said.
Other members of the panel were President Alassane Ouattara of Ivory Coast; Prime Minister Aziz Akhannouch of Morocco; President Macky Sall of Senegal; Sabine Dall’Omo, president of Afrika-Verein (German-African Business Association); and CEO of Sub-Saharan Africa, Siemens AG.
President Bola Tinubu will host prominent CEOs of German companies at a Nigeria-German business roundtable in Berlin, Germany, on Tuesday.
Ajuri Ngelale
Special advisor to the president
(Media and advertising)
