President Bola Ahmed Tinubu on Wednesday reaffirmed Nigeria’s commitment to fostering a business-friendly environment, particularly in the energy and solid minerals sectors, during a meeting with German President Frank-Walter Steinmeier at the State House.
In a discussion focused on enhancing economic ties, Tinubu assured German investors of Nigeria’s determination to eliminate administrative hurdles and leverage its abundant natural resources for industrialization and economic growth.
“We must explore the opportunities in our natural resources to enhance our industrialization efforts,” Tinubu stated. He emphasized that Nigeria’s economic reforms aim to create sustainable frameworks for long-term prosperity. Tinubu also highlighted the potential for collaboration with Germany, particularly in renewable energy, leveraging Germany’s industrial expertise and advanced technology.
The Nigerian President outlined ongoing transformations in the energy and natural gas sectors, with particular focus on critical minerals like lithium and cobalt, essential for renewable energy technologies and the global energy transition.
He pointed to Nigeria’s youthful and dynamic population, skilled workforce, and renewed focus on small and medium enterprises (SMEs) as vital elements for economic growth.
German President Steinmeier commended Nigeria’s ambitious economic reforms and expressed Germany’s readiness to support these efforts. He noted increased interest among German companies in expanding their operations in Nigeria, particularly in renewable energy and solid minerals.
“Beyond major players like Siemens, many specialized German firms are eager to explore opportunities in Nigeria’s renewable energy and mining sectors,” Steinmeier remarked.
Dele Alake, Nigeria’s Minister of Solid Minerals Development, highlighted the potential of Germany’s €1 billion fund aimed at diversifying renewable energy supply chains. He suggested that adjustments to the fund’s conditions could make Nigeria’s solid minerals sector an attractive destination for German investments.
Alake outlined incentives such as tax breaks, enhanced security measures, and joint venture opportunities as part of Nigeria’s “Renewed Hope Agenda” to attract foreign investors.
Business delegations from both nations applauded Tinubu’s vision for economic transformation, particularly his efforts to improve the ease of doing business, streamline foreign exchange processes, and create globally competitive investment opportunities.
The dialogue underscored Nigeria’s commitment to leveraging its vast resources, fostering international partnerships, and driving economic renewal through strategic reforms and collaborations with global partners like Germany.
