President Bola Tinubu, on Monday, November 20, told international investors that beyond natural resources, Nigeria’s greatest assets are its highly educated, highly skilled, and naturally industrious people.
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” at the G20 Compact with Africa Economic Conference, hosted by German Chancellor Olaf Scholz.
According to a statement issued by his special adviser on media and publicity, Ajuri Ngelale, the president said these human assets set Nigeria ahead of other nations in the global race for new investments.
He further disclosed to the investors that Nigeria is ripe for new investments, noting that the country now possesses all the ingredients required for the making of a modern economy, including its educationally equipped population, a huge market, and an administration with the political will to harness all the factors to create the required environment.
The president noted that 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.
The president confidently affirmed: “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.”
President Tinubu 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.
The president assured potential investors that Nigeria has moved beyond restrictive policies, and today, capital can be moved in and out of the country freely, providing flexibility for investors.
“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. We are reforming the economy based on the principle and philosophy of good governance.”
While persuading German automobile firms to establish manufacturing plants in Nigeria, he 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 Olaf Scholz noted 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.
The Chancellor stated: “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.”
Also speaking on the panel, the President of Cote D’Ivoire Alassane Ouattara, said if Nigeria succeeds, entire West Africa will thrive, he emphasized the need for trade partnerships among African countries.Ouattara appealed to German enterprises to step ahead in terms of training locals of partnering African countries to advance production content.
President of Senegal, Macky Sall, stressed the place of working hand in hand with Europe, saying Africa is ready to do business with Germany and the rest of the European countries.
He called for increasing access to the increasingly global market to advance the African continent.
CEO of Siemens Sub-Saharan Africa, Sabine Dall’ Omo, said Africa provides the opportunity to invest and develop new technologies.
She added that working with Africa will proffer solutions to most challenges facing the EU in the area of climate change.
Sabine Dall’ added: “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.”
Other panelists at the discussion 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 Bola Tinubu hosts notable German Business Chief Executives at a Nigeria-Germany Business Roundtable in Berlin, Germany, on Tuesday.