• Monday, June 24, 2024
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Tinubu seeks German investments as he jets out for G20 conference today

President Bola Ahmed Tinubu is set to depart Abuja for Berlin, Germany, this Saturday to attend the G-20 Compact with Africa (CwA) Conference on November 20, 2023.

The conference, hosted by German Chancellor Olaf Scholz, will bring together heads of state and government from CwA member countries, bilateral partners, and heads of international organizations to discuss measures to enhance economic and business cooperation.

Accompanying President Tinubu on the trip are key officials, including the Minister of Foreign Affairs, Amb. Yusuf Tuggar; the Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun; the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite; and the Minister of Power, Chief Adebayo Adelabu. Presidential spokesman Ajuri Ngelale announced this in a statement on Friday.

During the conference, discussions will focus on boosting investments in critical areas such as energy, trade, infrastructure, and new technologies. The G-20 CwA Conference will coincide with the Fourth G-20 Investment Summit, which the German government and business associations co-host.

Read also Nigeria will promote free market economy — Tinubu

The visit underscores President Tinubu’s commitment to diplomatic reciprocity following the German Chancellor’s visit to Abuja and Lagos, Nigeria, from October 29 to October 30, 2023. Ngelale emphasized that the Nigerian delegation aims to build on productive meetings with German business representatives during the Chancellor’s visit to Nigeria.

In October, President Tinubu highlighted the need for increased German investment in Nigeria, particularly in the transportation, mining, and energy sectors. Nigeria, being Germany’s second-largest trading partner in Africa, has seen bilateral trade volume rise from two to three billion Euros between 2021 and 2022.

The President is expected to return to Nigeria after the conference’s conclusion. Notably, he recently attended the Independence anniversary of Guinea-Bissau following his visit to Saudi Arabia, where he spent at least six days.