Tinubu Secures €1 Billion German Investment For Minerals, Renewable Energy

Tinubu and German President Discuss Investment and Economic Reforms

President Bola Ahmed Tinubu reaffirmed Nigeria’s commitment to creating a business-friendly environment, particularly in the energy and solid minerals sectors, during a meeting with German President Frank-Walter Steinmeier at the State House on Wednesday.

In a session focused on fostering bilateral trade and investment, Tinubu assured German investors of Nigeria’s readiness to remove administrative bottlenecks and leverage its abundant natural resources to drive industrialization and economic growth.

A Collaborative Path to Industrialization

President Tinubu described Nigeria’s economic reforms as designed to ensure long-term prosperity through sustainable frameworks, emphasizing that the nation is poised for industrialization through its rich resources.

“We must enhance the possibility of becoming highly industrialized by exploring opportunities in our natural resources. With Germany’s industrial expertise and technology, especially in renewable energy, we can achieve a mutually beneficial partnership,” Tinubu stated.

He highlighted the ongoing transformation in Nigeria’s energy and natural gas sectors, emphasizing the exploration of critical minerals such as lithium and cobalt. These are vital for global energy transition and renewable energy technologies.

Tinubu also pointed to Nigeria’s dynamic youth population, trained professionals, and a renewed focus on small and medium enterprises (SMEs) as critical drivers for economic growth.

German Support for Economic Development

President Steinmeier praised Nigeria’s ambitious reforms and affirmed Germany’s readiness to support these efforts. He noted a growing interest among German companies in expanding their presence in Nigeria, particularly in renewable energy.

“Beyond the big players like Siemens, other specialized companies are exploring opportunities in Nigeria, especially in renewable energy and solid minerals,” Steinmeier said.

Promising Opportunities in Solid Minerals

The Minister of Solid Minerals Development, Dele Alake, highlighted Germany’s €1 billion fund for diversifying renewable energy supply chains. He noted that modifying fund conditions could make Nigeria’s solid minerals sector a viable destination for German investments.

Alake detailed tax incentives, enhanced security, and joint venture opportunities as part of Nigeria’s Renewed Hope Agenda to attract investors to the country.

Commendations and Future Prospects

The business delegations from both countries commended President Tinubu’s vision for economic transformation, particularly efforts to improve Nigeria’s ease of doing business, streamline foreign exchange, and create globally competitive investment opportunities.

This dialogue underscores Nigeria’s commitment to harnessing its resources, fostering partnerships, and achieving economic renewal through visionary reforms and international collaboration.

Source: The Bureau Newspaper