President Bola Tinubu told international investors in Berlin, Germany on Monday that beyond Nigeria’s natural resources, its citizens, who are highly educated, highly skilled and naturally hardworking, constitute Nigeria’s greatest asset and advantage over other nations in the global race. for new investments.
The President spoke at a panel discussion titled “Fostering Value Chains and Local Investments in Africa – The Role of the German Private Sector,” at the G20 pact with the African Economic Conferencemoderated 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 and well-educated population represent the greatest incentive offered to investors for a mutually beneficial replication of economic resurgence from China.
“We are determined to continue the development of natural gas today, alongside the production of hydrogen 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 we are now going further. We are creating fiscal responsibility and tax reforms while reforming our financial institutions to quickly welcome foreign investment.
“We are eager and ready to collaborate with you. We have the youngest, largest and most vibrant youth population in Africa. Likewise, we have all the ingredients necessary to build a modern economy: a well-educated population, a massive market and the political will to bring it all together under my leadership.
“Africa has moved beyond past false notions of corporate deterrence and low respect for the rule of law. We now fully recognize the connection between the influx of investor money and the sanctity of contracts. We want to build partnerships based on who we are and what we do, rather than based on long-held misconceptions,” the president said.
President Tinubu briefed the summit on the country’s intentional move towards developing the labor intensive sectors of the Nigerian economy for massive job creation as well as a new emphasis on technological advancement and new opportunities in Nigeria’s growing information and communications technology space.
He assured potential investors that Nigeria has moved beyond restrictive policies and today, capital can move freely in and out of the country, thereby providing flexibility to investors.
“Nigeria has consolidated its democracy with several consecutive transfers of power. The socio-political development of our country is stable and predictable, which creates a conducive atmosphere for business operations and investments. Your money is safe.
“Since I took office in May 2023, we have initiated transformative changes, removing all the obstacles holding back businesses. We are reforming the economy based on the principle and philosophy of good governance,” he said.
While persuading German automobile manufacturers to establish manufacturing plants in Nigeria, he called on businesses in that country to take advantage of investment opportunities across multiple sectors following the Chancellor’s successful visit to Nigeria in October.
Speaking earlier, Chancellor Scholz highlighted the dynamic and evolving nature of economic relations between developed and developing countries, as he positions Germany to strengthen its partnership with Nigeria and Africa on a mutually beneficial basis.
“To be clear, this is not traditional development aid with donor-recipient programs. Instead, we now focus on investments that yield benefits for both parties. In Germany, as we strive to achieve climate neutrality by 2045, we anticipate significant demand for green hydrogen, a considerable portion of which we plan to import, particularly from Africa.
“Many African countries have greater potential than ours in terms of 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 aspire to be a partner in the ambitious expansion of renewable energy,” the Chancellor said.
Other panel members were President Alassane Ouattara of Ivory Coast; Moroccan Prime Minister Aziz Akhannouch; President Macky Sall of Senegal; Sabine Dall’Omo, president of Afrika-Verein (Association of German-African Businesses); and CEO of Sub-Saharan Africa, Siemens AG.
President Bola Tinubu will host prominent German business leaders at a Nigeria-Germany Business Roundtable in Berlin, Germany on Tuesday.
Special Advisor to the President
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