ABUJA: President Bola Tinubu has assured German investors of Nigeria’s commitment to removing administrative barriers and expanding opportunities in the energy and solid minerals sectors, as part of a broader strategy to attract foreign investment.
According to News Agency of Nigeria, President Tinubu made these remarks during a business session held at the Presidential Villa in Abuja. The session was part of the state visit by German President Frank-Walter Steinmeier. Tinubu emphasized that activating the untapped potential in Nigeria’s energy sector is vital for the country’s development, and he welcomed Germany’s continued partnership in this area.
The President reiterated Nigeria’s readiness to collaborate with Germany, a country he described as well-industrialized and known for its sustainable infrastructure. Tinubu highlighted the potential for cooperation in alternative energy, capitalizing on Nigeria’s abundant sunlight and Germany’s technological expertise. He instructed key ministries, including F
oreign Affairs, Solid Minerals, Power, Industry, Trade, and Investment, to work closely with investors to further develop the energy sector.
Tinubu outlined the country’s ongoing reforms aimed at achieving long-term prosperity through sustainable and reliable frameworks. He pointed to recent changes that have improved the ease of doing business in Nigeria, making it more attractive for investors. The President also emphasized the importance of leveraging Nigeria’s natural resources, particularly in the sectors of natural gas and solid minerals like lithium.
In response, German President Steinmeier expressed interest in expanding German investments in Nigeria, particularly in renewable energy. He noted that beyond established companies like Siemens, other specialized German firms are eager to explore opportunities in Nigeria.
Nigeria’s Minister of Solid Minerals Development, Mr. Dele Alake, highlighted Germany’s one billion Euro fund dedicated to diversifying the supply chain in renewable energy, suggesting
it could accommodate opportunities in Nigeria’s solid minerals sector. Alake noted that Nigeria is rich in critical minerals needed for energy transition, such as cobalt, nickel, and lithium.
The business meeting also included presentations by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy; Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment; and Mr. Adebayo Adelabu, Minister of Power. Both the German and Nigerian business delegations commended President Tinubu for his vision and efforts to make Nigeria’s economy more competitive on a global scale.