Tinubu Proudly Takes Credit for Elevating Lagos to the Fifth Largest Economy in Africa

During the signing of significant deals worth over $500 million by Nigerian companies at the 10th German-Nigerian Business Forum in Berlin, former Lagos State governor, President Bola Tinubu, took the opportunity to highlight his accomplishments and share his vision for Nigeria’s future.

Having governed Lagos for eight consecutive years, Tinubu proudly proclaimed that under his leadership, Lagos state had emerged as the fifth-largest economy in Africa, a remarkable achievement considering its humble beginnings. He expressed his deep satisfaction, confidently asserting that this remarkable track record was what propelled him towards his aspiration for the presidency.

Moreover, President Tinubu addressed the concerns of German investors, assuring them that his administration was actively working to overcome the challenges that hindered business opportunities with Nigeria. Drawing from his own background in the private sector and his experience as the treasurer at Exxon Mobil, he emphasized his commitment to corporate governance principles and his ability to navigate complexities.

Tinubu’s remarks coincided with the signing of two significant agreements between Nigerian and German companies, signaling the strengthening economic ties between the two nations. The first agreement, forged between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany, would facilitate the supply of gas from Nigeria to Germany, showcasing the potential for collaboration in the energy sector.

Simultaneously, the second agreement was inked between Union Bank of Nigeria and DWS Group, solidifying a $500 million investment in renewable energy projects in Nigeria. This partnership exemplifies the shared commitment to promote sustainable energy practices and drive economic growth in the country.

President Bola Tinubu’s presence and his compelling narrative about transforming Lagos into a thriving economy served to inspire confidence among German investors and underscored Nigeria’s commitment to addressing their concerns. As these bilateral agreements take shape, they pave the way for further collaborations and possible mutual benefits for both nations.