President Bola Tinubu is off to Germany for the G20 Compact with Africa (CwA) Conference, and it’s all about keeping the momentum going for foreign direct investment in Nigeria. The conference, hosted by German Chancellor Olaf Scholz, will kick off on Monday alongside the Fourth G20 Investment Summit, co-hosted by the German government and German business associations. Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, made this known in a statement yesterday.
The President is all set to use this platform to keep pushing for foreign direct investment in Nigeria. He will be leading the country’s delegation to participate in the investment summit, joining other Heads of State and Governments of CwA member countries, bilateral partners, and Heads of International Organisations to discuss boosting investments in critical areas such as energy, trade, infrastructure, and new technologies.
This visit is also a way for President Tinubu to reciprocate the invitation from the German Chancellor, following the Chancellor’s visit to Abuja and Lagos, Nigeria, in October 2023. The Nigerian delegation will be following up on productive meetings previously conducted with high-ranking representatives from German business organisations who were part of the official delegation of the German Chancellor to Nigeria.
President Tinubu’s discussions with Chancellor Scholz in October highlighted the need for more German companies to invest in the Nigerian market across multiple sectors of the Nigerian economy, such as transportation, mining, and energy. It’s worth noting that Nigeria remains Germany’s second-largest trading partner in Africa, and the bilateral trade volume between the two countries has been on the rise.
Accompanying the President on this trip are the Minister of Foreign Affairs, Yusuf Tuggar; the Coordinating Minister of the Economy and Minister of Finance, Mr Wale Edun; the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite; and the Minister of Power, Adebayo Adelabu. This marks President Tinubu’s 10th foreign destination since taking office about six months ago, with previous visits to France (twice), London, Guinea-Bissau (twice), Kenya, Benin Republic, India, the United Arab Emirates, the United States of America, and Saudi Arabia.