On November 20, 2023, German Chancellor Olaf Scholz will host the G20 Compact with Africa (CwA) Conference, which President Bola Tinubu would attend after leaving Abuja on Saturday.
President Tinubu will attend the conference alongside other heads of state and government from CwA member nations, bilateral partners, and heads of international organisations. They will discuss how to immediately improve business and economic cooperation and develop specific plans to increase investments in vital sectors like infrastructure, energy, trade, and new technologies, among others.
The Fourth G20 Investment Summit, which is being co-hosted by the German government and German business groupings, will coincide with the G20 CwA Conference, according to a statement released by the presidential spokeswoman, Ajuri Ngelale.
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As he leads Nigeria’s team to the investment summit, he added, “the President will sustain the momentum and advance the mission further in light of President Bola Tinubu’s internationally recognised drive for foreign direct investment in Nigeria.”
According to Ngelale, “This visit also affirmed President Tinubu’s commitment to diplomatic reciprocity, as the German Chancellor’s invitation to Germany is being honoured following the German Chancellor’s visit to Abuja and Lagos, Nigeria, from October 29 to October 30, 2023.”
“The Nigerian delegation will take advantage of the Fourth G20 Investment Summit to expand on the fruitful meetings it held earlier with senior executives from German business associations who were a part of the German Chancellor’s official visit to Nigeria.
“In his conversations with Chancellor Scholz in October, President Tinubu emphasised the urgent need for more German businesses to make investments in the Nigerian market in a number of different areas, including mining, energy, and transportation, while also pointing out that Nigeria continues to be Germany’s second-largest trading partner in Africa.
Between 2021 and 2022, bilateral trade volume increased from two to three billion euros between Germany and Nigeria, the two largest economies in Europe and Africa, respectively.
The Minister of Power, Adebayo Adelabu, the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, the Minister of Finance and Coordination of the Economy, Wale Edun, and the Minister of Foreign Affairs, Amb. Yusuf Tuggar, will accompany the President.
Following the conclusion of the summit, President Tinubu will return to the nation.
