Babatunji Wusu –
In Berlin, Germany, President Bola Ahmed Tinubu has informed foreign investors that Nigeria’s people—who are highly skilled, highly educated, and naturally hardworking—are the country’s greatest asset and competitive advantage over other countries in the global competition for new investments. This is in addition to Nigeria’s natural resources.
The President participated in a panel discussion at the G20 Compact with Africa Economic Conference, which was organized by German Chancellor Olaf Scholz, with the theme “Fostering local value chains and investments in Africa – The role of the German private sector.”
The President stated that although encouraging the rule of law is essential for drawing in foreign capital, Nigeria’s youthful, energetic, and educated population offer the strongest pull for investors to replicate China’s mutually beneficial economic boom.
“We are unwavering in our efforts to exploit natural gas resources now and produce hydrogen tomorrow. Nigeria is regarded as a global leader in the energy industry. We are a desirable location for investments because of our abundant gas reserves and business-friendly atmosphere. But now we’re taking things a bit further. In order to quickly accept foreign investments, we are reforming our financial institutions while also enacting tax and fiscal responsibility laws.
We are excited and prepared to collaborate with you. In Africa, we have the youngest, biggest, and liveliest youth population. On the other hand, we possess all the necessary components of a contemporary economy, including a highly educated populace, a sizable market, and the political resolve to unite them under my direction.
“African business disincentivization and lax regard to the law are outdated ideas from the past. We now understand completely how investor money influx and contract sanctity are related. The President said, “We want to partner based on who we are and what we do, not on the basis of long-held misconception.”
President Tinubu informed the summit of Nigeria’s deliberate shift toward the development of labor-intensive industries in order to create a large number of jobs. He also highlighted Nigeria’s renewed focus on technological advancement and the opportunities that exist in the country’s rapidly growing information and communications technology sector.
Potential investors were reassured by the President that Nigeria has gotten past its restrictive regulations and that investors now have flexibility as capital can be transferred freely into and out of the nation.
Nigeria’s democracy has been strengthened by multiple smooth transfers of power. The socio-political growth of our nation is stable and predictable, creating a favorable environment for investment and economic operations. Your funds are secure. We have started implementing revolutionary changes since I took office in May 2023, getting rid of every barrier that prevents firms from operating. The President asserted with confidence, “We are transforming the economy based on the principle and philosophy of good governance.
Following the successful visit of the German Chancellor to Nigeria in October, he asked German corporations to capitalize on investment prospects in many industries, even as he persuaded German automobile firms to construct production operations in Nigeria.
