President Bola Tinubu on Monday told international investors that their money is safe in Nigeria’s business environment.
The president gave the assurance at a panel discussion titled, “Fostering local value chains and investments in Africa”, at the ongoing G20 Compact with Africa Investment Summit in Berlin, Germany.
According to Tinubu, his administration has embarked on transformative changes, removing all obstacles hindering businesses since he assumed office in May 2023.
“Your money is safe. We are eager and ready to partner with you. We have the youngest, largest, and most vibrant youth population in Africa. Equally, we have a well-educated population, a massive market, and the political will to bring it all together under my leadership.
“We are reforming the economy based on the principle and philosophy of good governance,” Tinubu said in a statement by the Special Adviser on Media and Publicity, Ajuri Ngelale, obtained by Persecondnews on Monday.
He noted that while promoting the rule of law is crucial for attracting foreign investments, Nigeria’s energetic youth population and well-educated populace represent the most significant incentive for investors toward the mutually beneficial replication of China’s economic resurgence.
He said: “We are eager and ready to partner with you. We have the youngest, largest, and most vibrant youth population in Africa.
“Equally, we have every ingredient required in making a modern economy: a well-educated population, a massive market, and the political will to bring it all together under my leadership.
“We now fully recognize the nexus between the inflow of investor money and the sanctity of contracts.
“We want to partner on the basis of who we are and what we do, rather than on the basis of long-held misconception.”
Tinubu affirmed that the Federal Government is now dogged in its pursuit of natural gas development today in tandem with hydrogen production for tomorrow.
“The world knows Nigeria as a leader in the energy sector. Our vast gas deposits and business-friendly environment make us an attractive investment destination.
“But we are going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to accommodate foreign investments expeditiously,” the president said.
Tinubu also urged German automobile firms to establish manufacturing plants in Nigeria as he invited German businesses to take advantage of investment opportunities in multiple sectors following the successful visit of the German Chancellor to Nigeria in October.
Speaking earlier, German Chancellor Olaf Scholz noted the dynamic and evolving nature of economic relations between the developed and developing nations of the world as he positioned Germany to enhance partnership with Nigeria and Africa on a mutually beneficial basis.
“In Germany, as we strive for climate neutrality by 2045, we anticipate a substantial demand for green hydrogen, a considerable portion of which we plan to import, including from Africa,” Scholz said.
According to the German Chancellor, many African countries possess larger potentials for renewable energy and competitive hydrogen production.
“I highlighted this during my visit to Nigeria, where we already operate a hydrogen office and aspire to be a partner in the ambitious expansion of renewable energies.”