President Bola Tinubu has assured German investors of Nigeria’s commitment to advancing reforms to promote business growth, renewable energy, and youth development. Tinubu made this pledge on Wednesday during the visit of German President Frank-Walter Steinmeier to Abuja.
Addressing the press after closed-door talks, President Tinubu outlined Nigeria’s ongoing efforts to streamline business processes and attract foreign investment.
The Nigerian President listed the measures which include import duty waivers for machinery, decentralizing power generation, and implementing foreign exchange reforms.
“We have an open-door policy: ease of entry, ease of exit,” Tinubu said, emphasizing the elimination of bureaucratic hurdles for investors. “Our tax reforms are private-sector friendly, and we offer several incentives to support business establishment.”
Both leaders also discussed strengthening people-to-people relationships between Nigeria and Germany. Tinubu highlighted Nigeria’s potential in renewable energy and its position as a major gas producer, inviting German businesses to invest in these sectors.
“Germany has the technology, and we have the resources. We can work together to electrify rural areas using solar power and other alternative energy sources,” Tinubu added.
Regarding power infrastructure, Tinubu acknowledged the challenges facing the sector, noting that transmission lines are decades old. However, he expressed confidence in the partnership with Siemens Energy to improve Nigeria’s power supply.
President Steinmeier noted that Nigeria is Germany’s second-largest trading partner in sub-Saharan Africa, and states that both countries could benefit more with even greater potential for cooperation. He emphasized mutual interests in education, youth training, and cultural exchanges, encouraging Nigerian youth to explore educational opportunities in Germany.
Both leaders expressed optimism for a strengthened partnership between the two countries to foster economic growth and mutual prosperity.
Philips Babatunde