President Bola Tinubu emphasized Nigeria’s greatest asset during a panel discussion titled “Fostering local value chains and investments in Africa – The role of the German private sector,” at the G20 Compact with Africa Economic Conference in Berlin, Germany. Tinubu argued that, in addition to the country’s enormous natural resources, Nigeria’s highly educated, competent, and hardworking populace provides a distinct advantage in the worldwide race for new investments.
This is contained in a statement signed by Chief Ajuri Ngelale, Special Adviser to the President (Media & Publicity) in Abuja today.
Addressing the audience, Tinubu stressed the importance of Nigeria’s youthful population and well-educated citizens as significant incentives for investors, drawing parallels with China’s economic resurgence. He highlighted ongoing efforts to develop natural gas and hydrogen production while implementing fiscal responsibility and tax reforms to create an attractive investment environment.
The President invited international investors to join Nigeria in its transformative journey, focusing on labor-intensive sectors, technological progress, and expanding opportunities in information and communications technology. He assured potential investors of the country’s commitment to flexibility, emphasizing the free movement of capital in and out of Nigeria.
Tinubu dispelled misconceptions about business disincentives in Africa, noting the continent’s commitment to the rule of law and recognizing the essential connection between investor inflow and contract sanctity. He detailed Nigeria’s political stability, predictability, and conducive business environment, assuring the safety of investors’ money.
Pursuing German collaboration, President Tinubu urged automobile firms to establish manufacturing plants in Nigeria. He invited German businesses to explore diverse investment opportunities, building on the successful visit of German Chancellor Olaf Scholz to Nigeria in October.
Chancellor Scholz, recognizing the evolving economic landscape, emphasized a shift from traditional development aid to mutually-beneficial investments. He highlighted Germany’s focus on green hydrogen and expressed enthusiasm for cooperation between German and African companies in renewable energy expansion.
The panel discussion included notable figures such as the German Federal Chancellor Olaf Scholz, President Alassane Ouattara of Côte d’Ivoire, Prime Minister Aziz Akhannouch of Morocco, President Macky Sall of Senegal, Sabine Dall’Omo (Chairperson of Afrika-Verein), and the CEO of Sub-Saharan Africa at Siemens AG.
President Bola Tinubu is set to host German Business Chief Executives at a Nigeria-Germany Business Roundtable in Berlin on Tuesday, continuing efforts to strengthen economic ties between the two nations.
