President Bola Ahmed Tinubu has told international investors that beyond Nigeria’s natural resources, the people of the country, who are highly educated, highly skilled, and naturally industrious are the primary asset and advantage the country wields over other nations in the global race for new investments.
President Tinubu spoke Monday in Berlin, Germany, at a panel discussion titled, “Fostering local value chains and investments in Africa – The role of the German private sector,” at the G20 Compact with Africa Economic Conference, hosted by German Chancellor Olaf Scholz.
The president said while promoting the rule of law is crucial for attracting foreign investments, Nigeria’s energetic youth population and well-educated populace represent the greatest incentive provided to investors toward the mutually-beneficial replication of China’s economic resurgence.
“We are dogged in our pursuit of natural gas development today, in tandem with hydrogen production for 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 going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to expeditiously accommodate foreign investments.
”We are eager and ready to partner with you. We have the youngest, largest, and most vibrant youth population in Africa. Equally, we have every ingredient required in the making of 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 the false past notions of business disincentivization and poor adherence to the rule of law. We now fully recognize the nexus between the inflow of investor money and the sanctity of contracts. We want to partner on the basis of who we are and what we do, rather than on the basis of long-held misconception,” he said.
The president apprised the summit of the country’s intentional move toward developing labour-intensive sectors of the Nigerian economy for massive job creation, as well as a new emphasis on technological progress and new opportunities in Nigeria’s rapidly expanding information and communications technology space.
He assured potential investors that Nigeria had moved beyond restrictive policies, and today, capital can be moved in and out of the country freely, providing flexibility for investors.
“Nigeria has consolidated on its democracy with several consecutive
handovers of power. There is stability and predictability in the socio-political development of our country, which provides a conducive atmosphere for business operations and investment. Your money is safe.
“Since I assumed office in May 2023, we have embarked on transformative changes, removing all obstacles hindering businesses. We are reforming the economy based on the principle and philosophy of good governance,” the president said.
…Plea to automobile firms
While persuading German automobile firms to establish manufacturing plants in Nigeria, the president invited German businesses to take advantage of investment opportunities in multiple sectors following the successful visit of the German Chancellor to Nigeria in October.
Speaking earlier, German Chancellor Scholz underscored the dynamic and evolving nature of economic relations between the developed and developing nations of the world as he positions Germany to enhance partnership with Nigeria and Africa on a mutually-beneficial basis.
“To be clear, this is not about traditional development aid with donor-recipient schemes. Instead, we now focus on investments that yield benefits for both parties. In Germany, as we strive for climate neutrality by 2045, we anticipate a substantial demand for green hydrogen, a considerable portion of which we plan to import, including from Africa.
“Many African countries possess larger potentials for renewable energy and competitive hydrogen production than we do. I am convinced that there are fantastic opportunities for expanding cooperation between German and African companies in this context.
“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 energies,” the Chancellor said.
Other panelists at the discussion were President Alassane Ouattara of Côte d’Ivoire, Prime Minister Aziz Akhannouch of Morocco, President Macky Sall of Senegal, Sabine Dall’Omo, Chairperson of Afrika-Verein (German-African Business Association); and CEO of Sub-Saharan Africa, Siemens AG.
President Tinubu would host notable German Business Chief Executives at a Nigeria-Germany Business Roundtable in Berlin, Germany, Tuesday.