President Bola Tinubu engaged in crucial discussions with German Federal Chancellor Olaf Scholz on the sidelines of the G20 Compact with Africa Economic Conference, revealing a focused pursuit of German investments in Nigeria’s key sectors.
During the meeting, Tinubu emphasized Nigeria’s commitment to attracting German investment in vital areas such as energy, transportation, and electric power production. He highlighted the need for a more deliberate approach to the Siemens-supported Presidential Power Initiative (PPI) and expressed interest in leveraging Siemens technology for sustainable project implementation.
Acknowledging Siemens’ success in Egypt, Tinubu envisioned a transformative role for the company in modernizing Nigeria’s rail network. He proposed the introduction of ultra-modern trains and railways to double the speed of the existing standard-gauge systems.
The German Chancellor expressed readiness for collaboration but acknowledged the challenges posed by administrative and financial hurdles stemming from past governance issues in the sector. He affirmed Siemens’ commitment to deepening implementation once progress is made on the ongoing power project.
Tinubu also urged German businesses to focus on value-additive processing in Nigerian solid minerals, agriculture, and automobile production. He reassured the German leader that ongoing reforms in Nigeria’s business environment would address concerns, emphasizing his proven track record of transformation.
Both leaders agreed to enhance collaboration on advanced biometric systems and border control technology to curb irregular migration. They underscored the importance of investments in labor-intensive industries to address the root causes of migration issues.
The discussions continued as Tinubu exchanged views with the German Head of State, Frank-Walter Steinmeier, before participating in the Compact with Africa Summit of Heads of State and Government.