President Bola Tinubu yesterday told international investors in Berlin, Germany that beyond Nigeria’s natural resources, it is the highly educated, skilled and inherently hard-working people that make the country competitive with other countries in global competition. He said that this is a major asset and advantage that he can bring to the table. new investment.
The President was speaking at a panel discussion titled “Nursing local value chains and investments in Africa – the role of the German private sector” at the G20 African Economic Conference hosted by German Chancellor Olaf Scholz.
Nigeria’s leaders say that promoting the rule of law is critical to attracting foreign investment, but that the most populous black nation’s energetic, youthful population and well-educated population are mutually beneficial. He said that this is the biggest incentive given to investors to help replicate the economic recovery that China has brought about.
He said: “Today, we are persistent in pursuing natural gas development alongside tomorrow’s hydrogen production. The world knows that Nigeria is a leader in the energy sector, with vast gas deposits and businesses in place. The right environment makes us an attractive investment destination. But we are now going one step further. We are reforming our financial institutions to respond quickly to foreign investment and , creating fiscal responsibility and tax reform.
“We are enthusiastic and ready to partner with you. Africa has the youngest, largest and most vibrant youth population in Africa. We have all the ingredients needed to build an economy: a well-educated population, a large market, and the political will to bring it all together under my leadership.”
Tinubu added that Africa is “moving beyond the misguided notions of the past as discouraging business and not adhering to the rule of law.” We are now fully aware of the relationship between the inflow of investor funds and the sanctity of contracts. We want to partner based on who we are and what we do, not based on long-standing misconceptions. ”
Speaking earlier, Mr. Scholz acknowledged the dynamic and evolving nature of economic relations between the world’s developed and developing countries, and said Germany was in a position to strengthen its partnership with Nigeria and Africa on the basis of mutual benefit. .
He said: “To be clear, this is not about traditional development aid through donor-recipient schemes. Instead, we are now focused on investments that benefit both parties. In Germany , as we aim for climate neutrality by 2045, we expect to see significant demand for green hydrogen, a significant portion of which will be imported from countries such as Africa.”