President Tinubu on Monday met with the German Chancellor, Olaf Scholz and other heads of state and prime ministers of numerous African countries to discuss economic development and opportunities and reformation of the rule of law.
President Bola Tinubu on Saturday, departed Abuja for Berlin, Germany, to attend the G20 Compact with Africa (CwA) Conference hosted by German Chancellor Olaf Scholz.
During the conference, President Tinubu is expected to discuss matters, particularly on the immediate enhancement of economic and business cooperation with a view to outlining concrete measures to boost investments in critical areas such as energy, trade, infrastructure, and new technologies, among others.
Speaking to panel members at the conference in Berlin on Monday, Tinubu said his administration would ensure it upholds the tenets of the rule of law in Nigeria.
“We are reforming the rule of law and we are hindering that and we will definitely continue to promote it, “President Tinubu said.
Tinubu also spoke on Scholz’s previous visit to Nigeria describing it as an indication that Europe is serious about doing business with Africa.
WesternPost reported in October how Scholz visited Tinubi in Nigeria at the presidential Villa in Abuja, Nigeria’s state capital.
Scholz underlined that there is a lot of opportunity for improvement and for better utilising the capacities in Nigeria. He stated that Germany would be pursuing additional economic options in addition to the conventional gas and oil collaboration.
The good governance and promotion in all sectors of our economy in Africa and stability of governance in Nigeria in particular I will say is an indication that changes are at the door not far off.
Tinubu called on German businessmen to make vehicle investments in Nigeria, arguing that no country would suffer financial losses if good governance was given a high priority.
“Equally, we should continue to understand the data of Africa.
“When you look at Nigeria alone, the vehicular density of that country calls for a sincere commitment to assemble serious automotive plants you can invest in.
“There is no way good governance in your corporate body is employed, there is no way you would lose.
President Tinunu also called on investors to leverage on the high number of well-educated energetic youth, noting that Human resources is a great capital of incentives for investors.
“On Siemens, I agree that near-absolute equipment is not the answer and is not the solution to what is needed in Africa.
“The critical part to success is to be able to leapfrog from where we are today to the next generation of development and we are opening the door for all of that.
“The energetic population of youths and well-educated that is available is enough to attract every business.
“Human resources is a great capital of incentives for investors.
On his part, German Chancellor Scholz is expected to hold bilateral talks with individual heads of state and prime ministers.
Strengthening private investment in Africa and collaborating on sustainable energy projects are the primary subjects of the “Compact with Africa” (CwA) conference.
The summit was the outcome of a campaign started in 2017 by Germany, then-president of the G20, to enhance the economic standing of the CwA states in order to increase their allure to international private investment.
Egypt, Ethiopia, Benin, Burkina Faso, Côte d’Ivoire, Ghana, Guinea, the Democratic Republic of the Congo, Morocco, Rwanda, Senegal, Togo, and Tunisia are among the thirteen African nations that currently make up the states.
The conference in Berlin will also be attended by Dutch Prime Minister Mark Rutte, French President Emmanuel Macron, EU Council President Charles Michel, and EU Commission President Ursula von der Leyen.
The German government claims that the enormous potential of the African continent has not yet been fully harnessed.
But there are also shortcomings in the application of the law and respect for human rights, pervasive corruption, and pragmatic issues like currency convertibility.
In an effort to resist Russian and Chinese influence, Europe has started to actively interact with African nations.