President Bola Tinubu is all set to jet off to Germany for the G20 Compact with Africa (CwA) summit, and it’s not just any trip – he’s going to make Nigeria the top spot for foreign investors in Africa. Tinubu, who likes to call himself the country’s number one marketer, is on a mission to roll out the red carpet for investors eyeing the transportation, mining, and energy sectors. This isn’t just any conference invite; it’s a special one from the German Chancellor Olaf Scholz himself.
The aim? To keep the momentum going and take Nigeria’s investment game to the next level. It’s all about diplomatic give-and-take, as Tinubu’s visit to Germany is a nod to the Chancellor’s trip to Nigeria just a few days ago. The goal is to build on the productive talks with German business bigwigs and push for more German investment in Nigeria’s booming sectors.
And it’s not just talk – the numbers speak for themselves. Germany’s trade volume with Nigeria hit €3 billion in 2022, up from €2 billion in 2021. Plus, the EU is Nigeria’s top trading partner, with a whopping €45.8 billion in trade volume. With Germany’s Foreign Direct Investment (FDI) in Nigeria set to cross the €1 billion mark, it’s clear that the ties between the two countries are only getting stronger.
But it’s not just about the numbers; it’s about the impact on the ground. With 90 German companies in Nigeria creating around 1700 direct jobs and a ripple effect that multiplies those jobs tenfold, the German-Nigerian partnership is creating real opportunities and driving growth.
Tinubu won’t be making this trip alone; he’s bringing a powerhouse team with him. The delegation includes Mr Yusuf Tuggar, Minister of Foreign Affairs, Mr Wale Edun, Minister of Finance, Mrs Doris Uzoka-Anite, Minister of Trade, and Dr Adebayo Adelabu, the Minister of Power. Together, they’re ready to make a statement and show the world that Nigeria is open for business.