In a compelling address to international investors on Monday, President Bola Tinubu underscored Nigeria’s greatest asset as its highly educated, skilled, and industrious population, surpassing even its abundant natural resources.
The President’s remarks were delivered during a panel discussion titled, “Fostering local value chains and investments in Africa – The role of the German private sector,” hosted by German Chancellor Olaf Scholz at the G20 Compact with Africa Economic Conference.
According to Special Adviser to the President on Media and Publicity Chief Ajuri Ngelale President Tinubu emphasized that, while promoting the rule of law remains pivotal in attracting foreign investments, Nigeria’s youthful and educated demographic serves as a prime incentive for investors, akin to the driving force behind China’s economic resurgence. Speaking on the energy sector, he highlighted Nigeria’s leadership role, particularly in natural gas development and hydrogen production.
“We are dogged in our pursuit of natural gas development today, in tandem with hydrogen production for tomorrow. Our vast gas deposits and business-friendly environment make us an attractive investment destination,” President Tinubu stated. He also outlined ongoing fiscal responsibility and tax reforms, along with institutional changes to facilitate foreign investments.
Addressing potential investors, he declared, “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.” President Tinubu reassured the global audience that Nigeria had moved beyond restrictive policies, allowing capital to move freely in and out of the country.
President Tinubu highlighted the intentional move towards labor-intensive sectors for job creation and a renewed focus on technological progress, particularly in the information and communications technology space. He assured investors of the stability and predictability in Nigeria’s socio-political development, creating a conducive atmosphere for business operations and investment.
The President urged German automobile firms to establish manufacturing plants in Nigeria, inviting businesses to explore investment opportunities in various sectors. Reflecting on the transformative changes since assuming office in May 2023, he affirmed the commitment to economic reforms based on the principles of good governance.
During the same panel discussion, German Chancellor Olaf Scholz emphasized the evolving nature of economic relations between developed and developing nations. He positioned Germany to enhance partnerships with Nigeria and Africa on a mutually-beneficial basis, focusing on investments that yield benefits for both parties. Chancellor Scholz highlighted the potential for cooperation in renewable energy and hydrogen production, particularly from African countries.
Other notable panelists included 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 Bola Tinubu continued his engagement with German business leaders, hosting a Nigeria-Germany Business Roundtable in Berlin on Tuesday.
