NIGERIANS, THE BACKBONE OF NIGERIA’S INVESTMENT POTENTIAL – TINUBU

President Bola Ahmed Tinubu of Nigeria emphasized that the country’s most valuable asset and competitive advantage in the global race for new investments lies in its educated, skilled, and hardworking population. Addressing international investors in Berlin, Germany, on Monday, President Tinubu highlighted that Nigeria’s human resources, in addition to its natural resources, are highly viable and resourceful.

Participating in 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, President Tinubu stressed the importance of promoting the rule of law to attract foreign investments. He pointed out that Nigeria’s energetic youth population and well-educated citizens serve as significant incentives for investors, drawing parallels with China’s economic resurgence.

President Tinubu outlined Nigeria’s commitment to natural gas development and hydrogen production, positioning the country as a leader in the energy sector. He highlighted Nigeria’s vast gas deposits and business-friendly environment, underscoring efforts to implement fiscal responsibility and tax reforms to accommodate foreign investments efficiently.

Expressing eagerness to collaborate with international partners, President Tinubu emphasized Nigeria’s strengths, including the continent’s youngest, largest, and most vibrant youth population, a well-educated populace, a massive market, and the political will for economic development under his leadership. He dispelled past notions of business disincentives in Africa, emphasizing the shift towards a business-friendly environment and adherence to the rule of law.

President Tinubu highlighted Nigeria’s strategic focus on developing labor-intensive sectors, technological advancements, and emerging opportunities in the information and communications technology industry to generate employment and drive economic growth.

Assuring potential investors of Nigeria’s commitment to removing obstacles hindering businesses, President Tinubu emphasized the stability and predictability in the socio-political development of the country, creating a conducive atmosphere for business operations and investment. He invited German automobile firms to establish manufacturing plants in Nigeria and encouraged German businesses to explore investment opportunities across various sectors.

German Chancellor Olaf Scholz acknowledged the evolving economic relations between developed and developing nations, emphasizing a shift towards mutually beneficial investments. He highlighted Germany’s goal of climate neutrality by 2045 and expressed interest in importing green hydrogen from Africa, citing the continent’s potential for renewable energy and competitive hydrogen production.

Other panelists at the discussion included the German Federal Chancellor, 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 the CEO of Sub-Saharan Africa, Siemens AG. President Tinubu is set to host notable German Business Chief Executives at a Nigeria-Germany Business Roundtable in Berlin on Tuesday.

Quest: Udomah Ejiroghene.

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