Nigeria’s President Bola Tinubu has emphasized the country’s strengths in the global race for new investments, highlighting its highly educated, skilled, and naturally industrious population as the primary asset.
The President spoke 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.
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 emphasized that Nigeria is focused on natural gas development and hydrogen production for tomorrow, making it an attractive investment destination.
He also highlighted the country’s fiscal responsibility and tax reforms as they reform their financial institutions to expeditiously accommodate foreign investments.
Nigeria has moved beyond false past notions of business disincentivization and poor adherence to the rule of law, now fully recognizing the nexus between the inflow of investor money and the sanctity of contracts.
President Tinubu assured potential investors that Nigeria has moved beyond restrictive policies, and capital can be moved in and out of the country freely, providing flexibility for investors.
He assured potential investors that Nigeria has consolidated on its democracy with several consecutive handovers of power, providing a conducive atmosphere for business operations and investment.
German Chancellor Olaf Scholz noted the dynamic and evolving nature of economic relations between developed and developing nations, positioning Germany to enhance partnership with Nigeria and Africa on a mutually-beneficial basis.
He emphasized the opportunities for expanding cooperation between German and African companies in this context, highlighting the country’s already operating a hydrogen office and aspire to be a partner in the ambitious expansion of renewable energies.
The discussion featured panelists including German Federal Chancellor Olaf Scholz, Côte d’Ivoire President Alassane Ouattara, Morocco’s Prime Minister Aziz Akhannouch, Senegal President Macky Sall, German-African Business Association Chair Sabine Dall’Omo, and Siemens AG CEO of Sub-Saharan Africa.