President Bola Ahmed Tinubu has reaffirmed Nigeria’s commitment to creating a conducive environment for investors, pledging to remove administrative bottlenecks in key sectors such as energy and solid minerals.
Speaking on Wednesday during a business session at the State House in Abuja, held as part of the state visit of German President Frank-Walter Steinmeier, Tinubu emphasized Nigeria’s readiness to partner with Germany in fostering economic growth.
“I welcome Mr. President to Nigeria and the State House. Your visit is a significant milestone. And I must thank you for the warm reception when I visited Germany,” Tinubu said.
“Nigeria is going through a transformative period and trying to align with the best strategy and practices on good governance globally. We like our relationship with you as friends and partners.” Tinubu said.
Highlighting the country’s potential in the energy sector, the Nigerian leader assured that his administration is working to maximize opportunities in natural resources and alternative energy. “As you mentioned, you are ready to support Nigeria in the energy sector, which you have long been doing. Also, in alternative energy, we have the sun, and you have the technology. We should continue our partnership in every way that we can,” Tinubu added.
The President revealed that key ministries, including the Ministry of Foreign Affairs, Solid Minerals, Power, and Industry, Trade and Investment, have been directed to collaborate with investors to advance the energy and solid minerals sectors. “We must enhance the possibility of becoming highly industrialized by exploring opportunities in our natural resources,” Tinubu said.
Tinubu highlighted ongoing reforms aimed at ensuring long-term prosperity, noting significant improvements in the ease of doing business in Nigeria. “We have made changes in the way we do business. It is now easy in and easy out for investors. We are projecting investment in gas and alternative energy. Our transformation involves natural gas, leveraging solid minerals like lithium, and skill development,” he said.
President Tinubu also stressed the importance of Small and Medium Enterprises (SMEs) in driving development, adding that efforts are underway to remove investment bottlenecks. “We are synchronizing to ensure a grounded and flourishing partnership that brings prosperity to our people,” he said.
In response, German President Frank-Walter Steinmeier commended Tinubu’s economic reforms and assured Nigeria of Germany’s continued interest in expanding investment in the country. “There is a growing interest in Nigeria on the German side beyond those who are already here, like Siemens. Other companies are looking for investment opportunities, especially in renewable energy,” Steinmeier said.
Germany’s dedication to energy diversification was also highlighted during the session. Minister of Solid Minerals Development, Dele Alake, revealed that Germany has allocated a one-billion-Euro fund for diversifying the supply chain in renewable energy, presenting significant opportunities for Nigeria. “The critical minerals for energy transition cobalt, nickel, and lithium are readily available in Nigeria. German companies can come in under the Renewed Hope Agenda of the President that has sanitised the environment, enhanced security, created tax incentives, and provided opportunities for joint ventures,” Alake said.
Other Nigerian ministers, including Wale Edun (Finance and Economy), Dr. Jumoke Oduwole (Industry, Trade, and Investment), and Adebayo Adelabu (Power), also made presentations at the session, further encouraging German investors to explore opportunities in Nigeria.
The German business delegation, alongside their Nigerian counterparts, praised President Tinubu for his bold economic reforms, particularly in improving foreign exchange policies and creating a more competitive business environment. They expressed optimism about Nigeria’s potential for sustained economic growth through strengthened international partnerships.
