During a panel discussion in Germany, Nigerian President Bola Tinubu emphasized the significance of Nigeria’s human resources in attracting global investments. Speaking at the G20 Compact with Africa Economic Conference, he outlined Nigeria’s advantages, including a well-educated, skilled, and industrious population, as pivotal in competing for international investment.
The event, hosted by German Chancellor Olaf Scholz, saw Tinubu stress the importance of rule of law and Nigeria’s young, energetic demographic as key incentives for foreign investors. He drew parallels to China’s economic rise, suggesting Nigeria could replicate this success.
A press release from Ajuri Ngelale, the President’s media advisor, quoted Tinubu’s commitment to natural gas and hydrogen production, indicating Nigeria’s leadership role in the energy sector. He highlighted fiscal responsibility, tax reforms, and financial institution reforms as part of Nigeria’s strategy to attract foreign investment.
Tinubu underscored Nigeria’s vibrant youth population and educational system as essential components of a modern economy. He addressed past misconceptions about business disincentivization and legal compliance in Africa, emphasizing Nigeria’s readiness for partnership based on its current strengths.
The Nigerian President also informed attendees about the country’s focus on labor-intensive sectors for job creation and technological advancements, particularly in the ICT sector. He reassured investors of Nigeria’s welcoming business environment, noting recent democratic stability and policy reforms since his office commencement in May 2023.
In addition, Tinubu invited German auto manufacturers to consider setting up plants in Nigeria and encouraged German businesses to explore diverse investment opportunities following the German Chancellor’s successful visit to Nigeria in October.
German Chancellor Scholz, speaking at the event, highlighted the evolving nature of economic relations between developed and developing countries. He focused on investment-driven partnerships, especially in renewable energy and green hydrogen production, recognizing Africa’s potential in these sectors.
The panel discussion featured prominent figures, including Scholz, President Alassane Ouattara of Côte d’Ivoire, Prime Minister Aziz Akhannouch of Morocco, President Macky Sall of Senegal, Sabine Dall’Omo of Afrika-Verein, and the CEO of Sub-Saharan Africa at Siemens AG.