In his bid to reposition Nigeria as the number one destination for foreign investors in Africa, President Bola Tinubu will on Saturday jet out to Germany for the G20 Compact with Africa (CwA) summit scheduled for November 20.
Tinubu will be attending the conference on the special invite from the German Chancellor Olaf Scholz.
This was disclosed by the Presidential spokesman, Chief Ajuri Ngelale in statement obtained by Persecond News on Friday.
According to the statement, President Tinubu, who also calls himself “as the number one marketer of the country”, is aimed at rolling out the welcome mat to investors to take advantage of the enormous opportunities in the transportation, mining, and energy sector.
“In view of President Bola Tinubu’s globally recognized drive for foreign direct investment in Nigeria, the President will sustain the momentum and advance the mission further as he leads Nigeria’s delegation to participate in the investment summit.
“This visit also affirms President Tinubu’s commitment to diplomatic reciprocity as the invitation to Germany from the German Chancellor is being honoured following the visit of the German Chancellor to Abuja and Lagos, Nigeria, from October 29 to October 30, 2023.
“Leveraging on the opportunity presented by the Fourth G20 Investment Summit, the Nigerian delegation will follow up on productive meetings previously conducted with high-ranking representatives from German business organizations who were part of the official delegation of the German Chancellor to Nigeria.
“In his discussions with Chancellor Scholz in October, President Tinubu highlighted the imminent need for more German companies to invest in the Nigerian market across multiple sectors of the Nigerian economy, such as transportation, mining, and energy, all while noting that Nigeria remains Germany’s second largest trading partner in Africa,” he said.
Germany contributed a total trade volume of €3 billion in 2022 (up from €2 billion in 2021) and the European Union (EU), is Nigeria’s most important trading partner with total trade volume of €45,8 Billion.
Germany’s Foreign Direct Investment (FDI) in Nigeria will prospectively surpass the €1 billion mark.
There are 90 German companies present in Nigeria, creating around 1700 jobs directly and minimum 10-fold indirectly. All EU countries together have generated about 160, 000 jobs in Nigeria.
Tinubu will be accompanied on the trip by 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.