‘Our Companies See Improved Nigerian Investment Relations – German President

German Companies Seeing Improvement In Nigerian Investment Climate – German President

German President, Frank-Walter Steinmeier has heaped praises on the administration of President Bola Tinubu, praising the ”improving investment relations” between Nigeria and major German companies and investors.

German President Steinmeier in Nigeria for Energy Talks

Frank-Walter Steinmeier is in Nigeria tending to Berlin’s “energy partnership” with Abuja.

– Steinmeier was joined by numerous German business leaders on the two-day visit.

German President Frank-Walter Steinmeier on Wednesday was in Nigeria for two days of talks aimed at bolstering Berlin’s energy ties with Abuja.

Nigeria is Germany’s second-largest trading partner in Africa.

Steinmeier, who met Wednesday with Nigerian President Bola Ahmed Tinubu, traveled with an entourage of high-profile German business leaders from various energy, finance, distribution and tech companies.

Speaking of collaboration between the two nations on gas and oil production and beyond, Steinmeier said, “We have one of the longest energy partnerships that Germany has ever had.”

Steinmeier said the “energy partnership” between Germany — Europe’s largest economy — and Nigeria — Africa’s most populous nation — has gravitated “towards solar and wind power in recent years” but the next goal is “hydrogen production.”

“We have the sun here in Nigeria, you have the technology,” Tinubu said, as Steinmeier added that Berlin now has its sights set on the next step, green hydrogen, saying, “In Germany, we have the technology for that, too.”

President Tinubu said his goal was to “continue to give you assurance that our business doors are open and our reforms are working very well,” adding, “Our businessmen and policymakers are very anxious to do business with Germany.”

Nigeria President Tinubu making changes to unleash economy

Since taking office in May 2023, Tinubu has ended costly fuel subsidies and freed up currency in reforms that government officials and analysts claim will revive the economy and attract investors.

Short term, however, the moves have added misery to one of Nigeria’s worst economic crises in decades, with inflation at a nearly 30-year high of more than 33% in October.

Steinmeier acknowledged Tinubu’s reforms, saying, “German companies are seeing an improvement in investment relations.”

Though Nigeria’s Energy Minister Adebayo Adelabu said no fresh deal had yet been signed, he emphasized that both sides “discussed how we can accelerate the existing agreements.”

In November 2023, for instance, the Union Bank of Nigeria and the German DWS Group pledged to invest $500 million (€477 million) in renewable energy.

Moreover, Riverside LNG, a Nigerian firm, has vowed to deliver 850,000 tons of natural gas to Germany’s Johannes Schuetze Energy Import AG.