President Bola Ahmed Tinubu has reaffirmed Nigeria’s commitment to creating a business-friendly environment for investors, particularly in the energy and solid minerals sectors.
Speaking during the visit of German President Frank-Walter Steinmeier to the State House in Abuja, Tinubu highlighted the transformative reforms undertaken by his administration to foster long-term economic growth and stability.
“We are open for business,” Tinubu said, emphasizing Nigeria’s readiness to strengthen partnerships with Germany in renewable energy like solar and wind. He cited Nigeria’s abundant natural resources, including critical minerals like lithium, cobalt, and nickel, as key to advancing industrialization and sustainable development.
The meeting was attended by key Nigerian ministers, including those overseeing solid minerals, power, and industry.
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Tinubu gave his directive for these ministries to collaborate closely with investors to unlock the full potential of the energy sector. “Our reforms are designed to bring long-term prosperity through dependable frameworks. We must enhance our capacity to industrialize by leveraging our natural resources,” he stated.
Highlighting Germany’s longstanding energy partnership with Nigeria, Steinmeier expressed optimism about the growing interest of German companies in exploring renewable energy and green hydrogen projects. He also acknowledged Nigeria’s pivotal role as Germany’s second-largest trading partner in sub-Saharan Africa.
The Minister of Solid Minerals Development, Dele Alake, noted Germany’s €1 billion fund for renewable energy diversification as an opportunity to tap into Nigeria’s mineral wealth. He assured German investors that Nigeria’s Renewed Hope Agenda has improved security, streamlined regulations, and introduced tax incentives to create a conducive investment climate.
President Tinubu also stressed the importance of skill development and support for Small and Medium Enterprises (SMEs) to boost economic growth. “We have a dynamic, anxious-to-learn youth population. We aim to create jobs and promote domestic investments that drive growth,” he said.
Both leaders emphasized the mutual benefits of their partnership, with Steinmeier pledging to encourage more German companies to consider Nigeria for expansion.
