Tinubu holds meeting with Chancellor Scholz regarding German investments in Nigeria

During a meeting with German Federal Chancellor Olaf Scholz on the fringes of the G20 Compact with Africa Economic Conference on Monday, President Bola Tinubu stated that Nigeria is committed to pursuing German investment in certain areas of the country’s economy.

The President observed that under his leadership, the uneven and staggered implementation of the Siemens-supported Presidential Power Initiative (PPI) would take on new urgency with a more deliberate process of project execution, even as he recognised the need to embrace Siemens technology in all aspects of the project for project sustainability. The President acknowledged the success of Siemens AG in positively transforming the quantity and quality of Egyptian electric power supply.

According to a statement released by his spokesperson, Ajuri Ngelale, the President reaffirmed, “For me, I am very much committed to pursuing all aspects of the Siemens Power project and the skill development opportunities that will emerge from that project for our talented youths who can participate in sustaining the industry.”

The President went on to say that he was very interested in the role Siemens might play in modernising and growing Nigeria’s rail network by supplying ultra-modern trains and tracks that could more than quadruple the country’s current standard-gauge lines’ top speed of 100 km/h.

In response, the German Chancellor stated that he was ready, but he also acknowledged that there were financial and administrative obstacles that needed to be overcome due to governance issues that resulted from previous sector administration.

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“I am aware that a great deal of work has been completed. Nigeria is already producing a lot of power, but the populace is not receiving it. This is obviously related to the requirement for infrastructure and stations to be provided on the grid. Siemens has created the plan and is prepared to advance its implementation; nevertheless, it is now your new government’s responsibility to carry out the additional measures that you have now promised to undertake. Siemens is eager to proceed with the railway plans once further progress is achieved on the power project, which has already commenced, stated the German Chancellor.

The German leader was alerted by President Tinubu to the importance of his business community concentrating on value-added processing in Nigerian solid minerals, agricultural products, automotive manufacturing, and other economic areas that generate employment.

“Reforms to the business environment that the world needs are being implemented in Nigeria. Maybe our outside investors are still a little afraid that those old Nigerian problems will never be solved. However, my history speaks for itself. I have previously changed an entity. The President said, “I’m here to do it again, and I will.”

The German Chancellor agreed with a nod, saying, “China’s growth is not particularly exceptional. It all boiled down to a large amount of foreign investment that took advantage of trained manpower that was inexpensive, along with sufficient internal and marine infrastructure to facilitate easy import and export. In Nigeria, these things are feasible. Even your natural resources are plentiful. It is attainable, Mr. President, step by step.

The two heads of the biggest economies in Europe and Africa, respectively, decided to work together more closely on utilising cutting-edge border control and biometric technology to prevent irregular migration, while simultaneously acknowledging that investing in labor-intensive industries will play a significant role in addressing the underlying causes of the issue.