President Bola Tinubu, during a panel discussion at the G20 Compact with Africa Economic Conference in Berlin, conveyed a strong assurance to international investors that their funds are secure in Nigeria’s business environment, News About Nigeria reports.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, conveyed this in a statement he signed on Monday titled, ‘President Tinubu to investors: Nigerians are the greatest asset and advantage we have over other nations.’
In the statement, Tinubu emphasised that beyond the nation’s rich natural resources, the highly educated, skilled, and industrious population of Nigeria is its primary asset and advantage in the global competition for new investments.
“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,” Tinubu stated.
Since assuming office in May 2023, Tinubu highlighted that his administration has undertaken transformative changes, removing obstacles hindering businesses. “We are reforming the economy based on the principle and philosophy of good governance,” he affirmed.
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.
“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,” he said.
Tinubu argued that Africa has moved beyond the false past notions of business ‘disincentivisation’ and poor adherence to the rule of law it was known for.
Instead, “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,” the President stated.
He assured potential investors that Nigeria has moved beyond restrictive policies, and today, capital can be moved in and out of the country freely, providing flexibility for investors.
Tinubu added, “Nigeria has consolidated its democracy with several consecutive handovers of power. There is stability and predictability in the socio-political development of our country, which provides a conducive atmosphere for business operations and investment.”
The Nigerian leader also invited German automobile firms to establish manufacturing plants in Nigeria and urged 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 developed and developing nations.
He positioned Germany to enhance its partnership with Nigeria and Africa on a mutually beneficial basis.
“To be clear, this is not about traditional development aid with donor-recipient schemes. Instead, we now focus on investments that yield benefits for both parties. 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,” said Chancellor Scholz.
The German leader reasoned that many African countries possess larger potential for renewable energy and competitive hydrogen production than Germany does.
He expressed conviction that fantastic opportunities abound for expanding cooperation between German and African companies.