Beyond its natural riches, Nigeria’s highly educated, highly talented, and naturally hardworking populace are the country’s greatest asset and competitive advantage over other countries in the worldwide competition for new investments, President Bola Tinubu has informed foreign investors.
He participated in a panel discussion on Monday at the G20 Compact with Africa Economic Conference, which was organised by German Chancellor Olaf Scholz. The topic of the discussion was “Fostering local value chains and investments in Africa – The role of the German private sector.”
The President stated that although encouraging the rule of law is essential for drawing in foreign capital, Nigeria’s youthful, energetic, and educated population offer the strongest incentive for investors to replicate China’s economic recovery in a way that will benefit both parties.
The President is cited as saying, “We are dogged in our pursuit of natural gas development today, in tandem with hydrogen production for tomorrow,” in a statement released by Special Advisor to the President (Media & Publicity), Ajuri Ngelale. Nigeria is regarded as a global leader in the energy industry. We are a desirable location for investments because of our abundant gas reserves and business-friendly atmosphere. But now we’re taking things a bit further. In order to quickly accept foreign investments, we are reforming our financial institutions while also enacting tax and fiscal responsibility laws.
“We are excited and prepared to collaborate with you. In Africa, we have the youngest, biggest, and liveliest youth population. On the other hand, we possess all the necessary components of a contemporary economy, including a highly educated populace, a sizable market, and the political resolve to unite them under my direction.
“African business disincentivization and lax regard to the law are outdated ideas from the past. We now understand completely how investor money influx and contract sanctity are related. Instead than choosing a partner based on a deeply held assumption, we would like to work together based on who we are and what we do.
The statement went on to say that President Tinubu briefed the summit on Nigeria’s deliberate shift towards the development of labor-intensive industries in order to create a large number of jobs, as well as a renewed focus on technological advancement and new prospects in the country’s quickly growing information and communications technology sector.
He gave prospective investors his word that Nigeria had gone past its restrictive laws and that they now had flexibility in moving funds in and out of the nation.
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“With multiple successive handovers of power, Nigeria has consolidated on its democracy,” Tinubu declared. The socio-political growth of our nation is stable and predictable, creating a favourable environment for investment and economic operations. Your funds are secure. We have started implementing revolutionary changes since I took office in May 2023, getting rid of every barrier that prevents firms from operating. Our economic reforms are grounded in the good governance concept and philosophy.
Following the successful visit of the German Chancellor to Nigeria in October, he asked German corporations to capitalise on investment prospects in many industries, even as he persuaded German automobile firms to construct production operations in Nigeria.
Olaf Scholz, the chancellor of Germany, made a point earlier in his speech about how the developed and developing world’s economic relationships are dynamic and ever-changing. Scholz is positioning Germany to strengthen its mutually beneficial connection with Nigeria and Africa.
To be clear, this has nothing to do with donor-recipient systems and traditional development aid, the speaker stated. We now concentrate on investments that benefit both parties instead than just one. As Germany works towards becoming a carbon neutral nation by 2045, we expect a large demand for green hydrogen, much of which we intend to import, especially from Africa.
“Compared to us, several African nations have greater potential for producing competitive hydrogen and renewable energy. In this particular environment, I firmly believe that there exist tremendous prospects for enhancing collaboration between German and African enterprises.
“We already run a hydrogen office in Nigeria and hope to be a partner in the ambitious expansion of renewable energies, and I brought this up during my visit there,” the statement reads.
According to the statement, Sabine Dall’Omo, Chairperson of Afrika-Verein (German-African Business Association), CEO of Siemens AG Sub-Saharan Africa, President Macky Sall of Senegal, Prime Minister Aziz Akhannouch of Morocco, President Alassane Ouattara of Côte d’Ivoire, and German Federal Chancellor Olaf Scholz were among the other panellists at the discussion.
Tuesday in Berlin, Germany is Tinubu’s Nigeria-Germany Business Roundtable. Tinubu will be hosting prominent German business chief executives.
