President Bola Tinubu, yesterday in Abuja, reaffirmed Nigeria’s commitment to fostering an investor-friendly environment by eliminating administrative hurdles in the energy and solid minerals sectors.
Speaking at a business session at the State House, held as part of German President Frank-Walter Steinmeier’s State Visit, Tinubu emphasised that unlocking the untapped potential of Nigeria’s energy sector remains a cornerstone of the country’s developmental agenda.
Describing the German President’s visit as a pivotal moment, Tinubu expressed gratitude for the hospitality he received during his trip to Germany and highlighted the importance of strengthening bilateral ties.
“We need each other, and you emphasized this in our private discussion. Nigeria is going through a transformative period and trying to align with the best strategy and practices on good governance globally. We like our relationship with you as friends and partners. Germany is well-industrialized and renowned for its sustainable infrastructure.
“I am saying again that Nigeria is ready and open for business. As you mentioned, you are ready to support Nigeria in the energy sector, which you have long been doing. Also, in alternative energy, we have the sun, and you have the technology. We should continue our partnership in every way that we can”, Tinubu added.
Tinubu also disclosed that the Ministries of Foreign Affairs, Solid Minerals, Power, and Industry, Trade, and Investment have been instructed to collaborate closely with investors to drive the development of the energy sector.
He reiterated the importance of harnessing Nigeria’s natural resources to boost its potential for achieving high levels of industrialisation.
Tinubu emphasised that the nation’s reforms were strategically crafted to deliver long-term prosperity through sustainable and reliable frameworks.
“We are synchronising to ensure a grounded and flourishing partnership that brings prosperity to our people. We know that Germany has the capacity and is involved in regional cooperation and collaboration.
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“We are glad that we are trading in Euro with you. We are more transformative than before. We have made changes in the way we do business. It is now easy in and easy out for investors. We are projecting investment in gas and alternative energy.
“Our transformation involves natural gas. We are leveraging solid minerals, particularly lithium. We have a dynamic, anxious-to-learn and flexible youth population. We have many Nigerian students who were trained in Germany. We want domestic investment that will promote growth in our economy. Equally, we need skill development,” the President said.
President Tinubu emphasised that Small and Medium Enterprises had been strategically repositioned to play a pivotal role in national development, assuring that barriers to investments had been eliminated.
The German President reassured President Tinubu that more specialised German companies would be encouraged to explore expansion opportunities in Nigeria, extending beyond the established big brands in the energy sector.
“There is a growing interest in Nigeria on the German side beyond those who are already here, like Siemens. Other companies are looking for investment opportunities, especially in renewable energy,” he stated.
Furthermore, the Minister of Solid Minerals Development, Dele Alake, highlighted that Germany has established a dedicated one-billion-euro fund to diversify the renewable energy supply chain.
He stressed that modifying the fund’s conditions could easily align with opportunities within Nigeria’s solid minerals sector.
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Alake also stated that Nigeria possesses abundant reserves of critical minerals essential for energy transition, including cobalt, nickel, and lithium.
“We are asking that German companies can come in under the Renewed Hope Agenda of the President that has sanitised the environment, enhanced security with a new architecture around solid minerals, created tax incentives and waivers for important equipment and provided opportunities for joint ventures,” he said.
He announced that pre-feasibility studies had been completed and urged German investors to explore opportunities in Nigeria to diversify the global energy supply chain.
At the business meeting, key presentations were delivered by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy; Jumoke Oduwole, the Minister of Industry, Trade, and Investment; and Adebayo Adelabu, the Minister of Power.
