Tinubu and Scholz Power Up Talks for German Investment in Nigeria’s Rail, Energy and Power Sector
President Bola Tinubu, attending the G20 Compact with Africa Economic Conference, held discussions with German Federal Chancellor Olaf Scholz to strengthen ties and explore investment opportunities.
The meeting focused on Nigeria’s pursuit of German investment in critical sectors, including energy, transportation, and electric power production.
Tinubu expressed commitment to the Siemens-supported Presidential Power Initiative (PPI) and sought German collaboration in modernizing and expanding Nigeria’s rail network.
Acknowledging Siemens’ success in Egypt, Tinubu highlighted the need for a deliberate implementation of the PPI under his leadership.
He emphasised the importance of Siemens technology for project sustainability and expressed interest in Siemens’ role in modernizing Nigeria’s rail network.
The German Chancellor affirmed readiness but noted administrative and financial hurdles that require resolution.
President Tinubu urged German businesses to focus on value-additive processing in Nigerian solid minerals, agriculture, and automobile production.
He assured that ongoing business environment reforms would create favorable conditions for foreign investors. Chancellor Scholz acknowledged the transformative potential and encouraged incremental progress.
Both leaders agreed to deepen collaboration on utilizing advanced biometric systems and border control technology to address irregular migration.
They recognised the importance of investments in labor-intensive industries to address root causes. President Tinubu also engaged with German Federal President Frank-Walter Steinmeier before attending the Compact with Africa Summit of Heads of State and Government.
Source: Leadership News
