President Bola Tinubu, on Monday, in Berlin, Germany, told international investors that beyond Nigeria’s natural resources, the people of Nigeria, who are highly educated, highly skilled, and naturally industrious are the primary asset and advantage the country wields over other nations in the global race for new investments.
The President spoke 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.
The President 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 greatest incentive provided to investors toward the mutually-beneficial replication of China’s economic resurgence.
“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. 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.
“Africa has moved beyond the false past notions of business disincentivization and poor adherence to the rule of law. 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.
President Tinubu apprised the summit of the country’s intentional move toward 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 Nigeria’s rapidly expanding information and communications technology space.
The President 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.
“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. 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,” the President confidently affirmed.
While persuading German automobile firms to establish manufacturing plants in Nigeria, 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 positions Germany to enhance 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.
“Many African countries possess larger potentials 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.
“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,” the Chancellor stated.
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 Bola Tinubu hosts notable German Business Chief Executives at a Nigeria-Germany Business Roundtable in Berlin, Germany, on Tuesday.
Subsidy removal: Wale Edun claims FG now records over N1trn monthly revenue inflow
Minister of Finance, Wale Edun, on Monday said that since the removal of fuel subsidy Nigeria has moved from an average of N650 million monthly to over N1 trillion in the last four months.
Mr Edun, represented by the Permanent Secretary, Finance, Special Duties, Okokon Udo, stated this in Asaba, Delta State at the opening ceremony of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC).
According to him, subsidy regime eroded revenues that should had been available to fund viable expenditures that were critical to the well-being of the populace.
The minister said the present administration was mindful of the needs and welfare of Nigerians and assured that it would continue to implement people-oriented policies.
“We all know that achieving tax revenue to Gross Domestic Product (GDP) target of 22 per cent and tax to GDP of 18 per cent by 2026 are parts of the cardinal objectives of this administration.
“However, in doing that we appreciate the needs not to overburden the tax payers by introducing so many new taxes.
“What is necessary to be done is to broaden the tax base, simplify and streamline tax administration for ease of collection,” he said.
Edun added “Among the prior activities of this government after coming into office, was the constitution of a Presidential Committee of Fiscal Policy and Tax Reforms.
“The committee has submitted an interim report which is full of optimism.”
Edun also noted that the Tinubu administration was not oblivious of the hardship faced by Nigerians following the removal of fuel subsidy and harmonisation of exchange rates.
He reassured that all the sacrifices made by Nigerians would not be in vain.
“Government is bent on ensuring that the economy bounces back to normal as we continue to consolidate on recovery efforts with focusing on achieving inclusive economic growth and development,” he added.
Edun said the Tinubu administration has so far put in place well-structured palliative measures to cushion the economic consequences of the ongoing reforms.
Accountant-generals from 36 states and the FCT as well as other stakeholders such as the Nigeria Customs Service are attending the retreat.
