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Tinubu to Investors:  Nigerians are greatest assets, your money is safe

President Bola Ahmed Tinubu (2nd right) and Other Panelists at the the G20 Compact with Africa Economic Conference, in Berlin, Germany Photo: State House

*President Bola Ahmed Tinubu assures international investors at the G20 Compact with Africa Economic Conference, holding in Germany, that Nigeria is eager and ready to partner with them, stating the country has the youngest, largest, most vibrant and well-educated youth population in the making of a modern economy on the African continent

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu, Monday, November 20, 2023, in Berlin, Germany, informed international investors that beyond Nigeria’s natural resources, highly educated, highly skilled, and naturally industrious Nigerians are the primary asset and advantage the West African country wields over other economies in the global race for new investments.

President Tinubu spoke Monday at a panel discussion titled, “Fostering local value chains and investments in Africa – The Role of the German Private Sector” at the G20 Compact with Africa Economic Conference, hosted by German Chancellor Olaf Scholz.

Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in a statement issued Monday, said Tinubu at a panel discussion equally assured the foreign investors that their monies are safe in the Nigerian business environment.

The President also assured the investors, that “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.”

Rule of law, reforms crucial for FDIs, says Tinubu

The Nigerian President also noted that while promoting the rule of law is crucial for attracting foreign investments, Nigeria’s energetic youth population and well-educated populace as well represent the greatest incentive provided to investors toward the mutually-beneficial replication of China’s economic resurgence.

He said: “We are dogged in our 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.”

The President further disclosed “but we are going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to expeditiously accommodate foreign investments.

”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 the making of a modern economy: a well-educated population, a massive market, and the political will to bring it all together under my leadership.”

He noted that “Africa has moved beyond the false past notions of business disincentivisation and poor adherence to the rule of law.

“We now fully recognise 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 statement said President Tinubu equally apprised the summit of the country’s intentional move towards developing labour-intensive sectors of the Nigerian economy for massive job creation as well as a new emphasis on technological progress and new opportunities in the rapidly expanding information and communications technology space.

Tinubu informed potential investors that the country has moved beyond restrictive policies, and today, capital can be moved in and out of the country freely, providing flexibility for investors.

‘Your money is safe in Nigeria,’ President assures investors

“Nigeria has consolidated on 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. Your money is safe,” President Tinubu told the global investors.

He also confidently said: “Since I assumed office in May 2023, we have embarked on transformative changes, removing all obstacles hindering businesses.

“We are reforming the economy based on the principle and philosophy of good governance.”

In encouraging German automobile firms to establish manufacturing plants in Nigeria, the President specifically invited German businesses to take advantage of investment opportunities in multiple sectors, following the successful visit of the German Chancellor to Nigeria October this year.

Earlier in his address at the forum, German Chancellor Olaf Scholz noted the dynamic and evolving nature of economic relations between the developed and developing nations of the world as he positions Germany to enhance partnership with Nigeria and Africa on a mutually-beneficial basis.

Scholz stated: “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.”

The German Chancellor also acknowledged the fact that “many African countries possess larger potential for renewable energy and competitive hydrogen production than we do.

“I am convinced that there are fantastic opportunities for expanding cooperation between German and African companies in this context.”

Scholz recalled: “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.”

Other panelists at the discussion were the German Federal Chancellor, Olaf Scholz; President Alassane Ouattara of Côte d’Ivoire; Prime Minister Aziz Akhannouch of Morocco; President Macky Sall of Senegal; Sabine Dall’Omo, Chairperson of Afrika-Verein (German-African Business Association); and CEO of Sub-Saharan Africa, Siemens AG.

President Tinubu hosts notable German Business Chief Executives at a Nigeria-Germany Business Roundtable Tuesday, November 21, in Berlin, Germany, said the Presidential Spokesperson in the statement.

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