Tinubu to German investors: Nigeria has ingredients to become a modern economy

President Bola Tinubu says Nigeria has every required ingredient to make a modern economy.

The president spoke on Monday at a panel discussion titled “Fostering local value chains and investments in Africa – The role of the German private sector” at the G20 Compact with Africa economic conference, in Berlin, Germany.

The event was hosted by Olaf Scholz, German Chancellor. 

According to Ajuri Ngelale, special adviser to the president, media and publicity, Tinubu said promoting the rule of law is critical to attracting international investments. 

Tinubu said Nigeria’s vibrant youth population and well-educated populace are the best incentives for investors to replicate China’s economic rebirth.

“We are dogged in our pursuit of natural gas development today, in tandem with hydrogen production for tomorrow. The world knows Nigeria as a leader in the energy sector,” he said. 

“Our vast gas deposits and business-friendly environment make us an attractive investment destination. 

“But we are going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to expeditiously accommodate foreign investments. 

”We are eager and ready to partner with you. We have the youngest, largest, and most vibrant youth population in Africa.

“Equally, we have every ingredient required in the making of a modern economy: a well-educated population, a massive market, and the political will to bring it all together under my leadership.

“Africa has moved beyond the false past notions of business disincentivisation and poor adherence to the rule of law. We now fully recognize the nexus between the inflow of investor money and the sanctity of contracts.

“We want to partner on the basis of who we are and what we do, rather than on the basis of long-held misconception.” 

Tinubu said the country was deliberately shifting towards developing labour-intensive sectors of the Nigerian economy for massive job creation, as well as a new emphasis on technological progress and new opportunities in the rapidly expanding information and communications technology space.

He said Nigeria has moved past restrictive regulations and that capital may now be transferred freely in and out of the nation, giving investors flexibility.

“Nigeria has consolidated on its democracy with several consecutive handovers of power. There is stability and predictability in the socio-political development of our country, which provides a conducive atmosphere for business operations and investment,” he said. 

“Your money is safe. Since I assumed office in May 2023, we have embarked on transformative changes, removing all obstacles hindering businesses. We are reforming the economy based on the principle and philosophy of good governance.”

Following the successful visit of  Scholz to Nigeria, in October, he invited German enterprises to take advantage of investment prospects in numerous sectors — persuading German automobile firms to construct production plants in Nigeria.