President Bola Ahmed Tinubu is seeking German investment in Nigeria’s energy industry especially in natural gas and hydrogen production.
Tinubu on Monday had a series of insightful conversations with the German Chancellor Olaf Scholz at the G20 Compact with African Economic Conference in Berlin.
The President also met with German Federal President Frank-Walter Steinmeier even as their discussions centered on attracting German investment in Nigeria’s rail transportation as well.
The Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, in a statement said Tinubu also expressed his commitment to expediting the Siemens-supported Presidential Power Initiative (PPI) in Nigeria.
Ajayi further stated that the President highlighted other opportunities in processing solid minerals, agriculture and automotive production.
“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,” Tinubu said.
“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.”
Ajayi added that at the G20 Compact with Africa Economic Conference, Tinubu also addressed investors on local value chains and reiterated that our young, educated population are a crucial element for economic growth and key to attracting foreign investment.