President Bola Ahmed Tinubu has reaffirmed Nigeria’s commitment to fostering investment in energy and solid minerals as part of efforts to stimulate the nation’s economy. Speaking on Wednesday during the visit of German President Frank-Walter Steinmeier to the State House in Abuja, Tinubu assured German businessmen of Nigeria’s readiness to remove barriers and create opportunities for mutual growth.
In his address, President Tinubu emphasized the strategic importance of the energy sector to Nigeria’s development:
“Nigeria is going through a transformative period, aligning with global best practices for good governance. We welcome partnerships with Germany, a nation renowned for its sustainable infrastructure. Nigeria is open for business, particularly in energy and alternative energy, where we have the sun, and you have the technology.”
Tinubu directed key ministries, including Solid Minerals, Power, Industry, Trade and Investment, and Foreign Affairs, to collaborate with investors in unlocking Nigeria’s vast natural resource potential.
“We must enhance our industrial capacity by fully exploring opportunities in our natural resources. Our reforms aim for long-term prosperity through dependable and sustainable frameworks,” Tinubu added.
The President highlighted progress in easing business operations, including improved access for foreign investors, streamlined processes, and focused investments in gas, solid minerals like lithium, and renewable energy projects. He also noted Nigeria’s young and dynamic population, describing them as “eager to learn and adaptable,” with many trained in Germany.
Germany’s President Steinmeier, in his remarks, assured Tinubu of increased German interest in Nigeria beyond established companies like Siemens, particularly in renewable energy.
“There is growing enthusiasm among German companies to explore opportunities in Nigeria, especially in renewable energy,” he said.
Minister of Solid Minerals Development, Dele Alake, spotlighted Germany’s €1 billion fund for diversifying the renewable energy supply chain, urging German investors to leverage Nigeria’s rich reserves of cobalt, nickel, and lithium.
“With the Renewed Hope Agenda, we’ve enhanced security, introduced tax incentives, and created opportunities for joint ventures in the solid minerals sector,” Alake said, highlighting ongoing pre-feasibility studies to facilitate investments.
The Ministers of Finance, Trade and Investment, and Power also detailed reforms aimed at bolstering investor confidence. German and Nigerian business delegates commended President Tinubu for his bold economic vision and reforms aimed at improving competitiveness and the ease of doing business.
ADBN, NEWS.
