During the G20 Compact with Africa Economic Conference, President Bola Tinubu engaged in a strategic meeting with German Federal Chancellor Olaf Scholz, highlighting Nigeria's pursuit of German investment in pivotal sectors for economic growth. The discussions focused on energy, transportation, and electric power production, transmission, and distribution as critical areas of interest for collaborative development.
President Tinubu commended the success of Siemens AG in transforming Egypt's electric power supply and expressed a strong commitment to advancing the Siemens-supported Presidential Power Initiative (PPI). He emphasized the need for a more focused and efficient implementation process, highlighting the imperative to embrace Siemens technology for sustainable project outcomes.
"The Siemens Power project offers tremendous skill development opportunities for our youth, ensuring their active involvement in sustaining the industry," President Tinubu affirmed.
Acknowledging Siemens' ongoing construction of a 2,000km ultra high-speed rail network across 60 cities in Egypt, President Tinubu underscored Nigeria's interest in modernizing its rail network. He expressed keenness for Siemens' involvement in providing state-of-the-art trains and railways to significantly enhance the speed of Nigeria's existing standard-gauge systems.
Chancellor Olaf Scholz, while expressing readiness for collaboration, highlighted the need to resolve administrative and financial challenges inherited from prior administrations in the sector.
"There's significant electricity production in Nigeria, but challenges persist in distribution. Siemens has developed plans ready for implementation, contingent on follow-up actions by your new government. On railways, Siemens awaits further progress in the power project for extensive collaboration," Chancellor Scholz stated.
President Tinubu emphasized the potential for German businesses to engage in value-added processing across Nigerian industries such as solid minerals, agriculture, and automobile production, aiming to create employment opportunities and boost economic growth.
Highlighting ongoing reforms in Nigeria's business environment, President Tinubu assured the German delegation of the transformative initiatives underway. He emphasized his proven track record in transforming entities and reiterated his commitment to driving change.
Responding to the President's vision, Chancellor Scholz likened Nigeria's potential to China's growth trajectory, emphasizing the role of foreign investment leveraging abundant resources and skilled labor.
In alignment with shared interests, both leaders agreed to deepen collaboration on biometric systems and border control technology to address irregular migration. They underscored the significance of investments in labor-intensive industries in addressing the root causes of migration challenges.
President Tinubu further engaged with German Federal President Frank-Walter Steinmeier, fostering discussions on collaboration before participating in the Compact with Africa Summit of Heads of State and Government.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
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