Nigeria has put structures in place for investments to thrive, President Bola Ahmed Tinubu told the global community yesterday.
The country, he said, is not only blessed with natural resources, but also highly educated, skilled, and naturally industrious people.
Assuring investors that the country is ripe for new investments, he said Nigeria now possesses all the ingredients for the making of a modern economy.
These, he said, include an educationally equipped population, a huge market and an administration with the political will.
President Tinubu spoke in Berlin, Germany, at a panel discussion titled “Fostering local value chains and investments in Africa – The role of the German private sector.”
It was during the G20 Compact with Africa Economic Conference hosted by German Chancellor Olaf Scholz.
The President said: “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 disincentivisation and poor adherence to the rule of law. We now fully recognise the nexus between the inflow of investor money and the sanctity of contracts.
“We want to partner based on who we are and what we do, rather than based on long-held misconception.”
President Tinubu assured potential investors that Nigeria has moved beyond restrictive policies.
He said: “Nigeria has consolidated 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.
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“We are reforming the economy based on the principle and philosophy of good governance.”
Urging German automobile firms to establish manufacturing plants in Nigeria, he invited the country’s businesses to take advantage of investment opportunities in multiple sectors.
German Chancellor Olaf Scholz noted the evolving nature of economic relations between developed and developing nations.
He said: “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.”
President of Cote D’Ivoire, Alassane Ouattara, said if Nigeria succeeds, the entire West Africa will thrive.
He appealed to German enterprises to train Africans.
President of Senegal, Macky Sall, said Africa was ready to do business with Germany and the rest of Europe.
CEO of Siemens Sub-Saharan Africa, Sabine Dall’Omo, said Africa provides the opportunity to invest and develop new technologies.
“We will continue to be in Africa and we will make sure modern technology in infrastructure, rail, road, water, health and are available to change Africa’s outlook,” she said.
Other panelists were the German Federal Chancellor, Olaf Scholz; 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 will host notable German Business Chief Executives at a Nigeria-Germany Business Roundtable in Berlin today.