President Bola Tinubu has reaffirmed Nigeria’s commitment to fostering investor confidence by eliminating administrative hurdles in the energy and solid minerals sectors.
Addressing German business leaders recently at the State House during the State Visit of German President Frank-Walter Steinmeier, Tinubu emphasized that unlocking Nigeria’s energy potential is critical to its economic development.
“I welcome Mr. President to Nigeria and the State House. Your visit marks a significant milestone, and I am grateful for the warm reception I received during my visit to Germany,” Tinubu said.
He highlighted the strong partnership between Nigeria and Germany, describing the European country as a model of industrialization and sustainable infrastructure.
“We need each other, as you rightly pointed out in our private discussions. Nigeria is undergoing a transformative period, aligning itself with global best practices in governance and business strategy.
“Nigeria is ready and open for business. Your continued support in the energy sector, particularly in renewable energy, is deeply appreciated. With abundant sunlight and your advanced technology, our partnership has immense potential,” Tinubu added.
The President directed key ministries, including Foreign Affairs, Solid Minerals, Power, and Industry, Trade and Investment, to collaborate with investors to strengthen the energy sector.
He stressed the need for industrialization through the utilization of Nigeria’s natural resources: “We must seize opportunities in our vast natural resources to drive industrialization and economic growth.”
Tinubu also outlined Nigeria’s commitment to long-term prosperity through structural reforms and sustainable frameworks:
“We are building a flourishing partnership to ensure prosperity for our people. Germany has demonstrated capacity in regional cooperation, and we value our trade relationship, particularly in Euros.”
Highlighting changes in Nigeria’s investment landscape, Tinubu stated:
“We have made significant reforms to improve the ease of doing business, ensuring seamless entry and exit for investors. We are prioritizing investments in natural gas, alternative energy, and solid minerals such as lithium.”
He praised Nigeria’s vibrant youth population, noting their eagerness to learn and flexibility, while urging domestic investments that could spur economic growth and skill development.
Speaking on repositioning SMEs and Attracting German Investments, Tinubu noted that Small and Medium Enterprises (SMEs) are being restructured to play a central role in economic development.
He assured German investors that the government had removed barriers to investment.
In response, German President Steinmeier acknowledged Nigeria’s potential, pledging to encourage more German companies to explore opportunities beyond established players like Siemens: “There is growing interest in Nigeria among German businesses, particularly in renewable energy and other sectors.”
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Minister of Solid Minerals Development, Dele Alake, revealed that Germany has allocated a €1 billion fund to diversify renewable energy supply chains, which could be tailored to accommodate opportunities in Nigeria’s solid minerals sector.
“Nigeria has an abundance of critical minerals essential for energy transition, including cobalt, nickel, and lithium,” Alake said.
He highlighted the government’s Renewed Hope Agenda, which has enhanced security, created tax incentives, and simplified procedures for joint ventures. Alake encouraged German investors to leverage Nigeria’s diversified energy supply chain, citing completed pre-feasibility studies as a foundation for collaboration.
Presentations by other ministers, including Finance Minister Wale Edun, Industry, Trade and Investment Minister Dr. Jumoke Oduwole, and Power Minister Adebayo Adelabu, underscored President Tinubu’s bold economic reforms.
The German and Nigerian business delegations commended Tinubu’s vision for making Nigeria’s economy more globally competitive through streamlined foreign exchange policies and improved business processes.
This session marks a pivotal step in strengthening Nigeria-Germany relations, with both nations poised to collaborate on industrialization, renewable energy, and skill development for mutual prosperity.
