Nigeria, Germany To Strengthen Bi-Lateral Tie

Nigeria, Germany to strengthen bi-lateral tie as Nigeria hosts Germany’s Steinmeier

On Wednesday, 11^th December, 2024, Nigeria President Bola Tinubu reassured his German investors of full implementation of existing treaties to aid investment in youth skill development, renewable energy and industrial growth.

This reassurance was made amidst ongoing working visit of German President Frank-Walter Steinmeier to Nigeria.

Tinubu highlighted the significance of the ongoing reforms which are targeted at enhancing a business-friendly environment and boosting foreign investment destination.

The reforms include waivers of import duties for machinery, devolution of power generation and active foreign exchange reforms.

“We have an open-door policy: ease of entry, ease of exit,” Tinubu said while stressing needs for removal of bureaucratic bottlenecks amidst business establishment.

He noted: “We have an open-door policy. What do I mean by that? There is no longer bureaucracy in establishing your business.

“We have tax reforms that are private-sector friendly.

“We have import duty waivers for machinery. Our country has so many other incentives that we will help establish private businesses.

“That I can assure you. We are removing the bureaucracy. We have a reform in the foreign exchange market, and it’s very active.

“We’ve aligned our petroleum industry with the world standard practice of production and consumption.”

The Nigerian president and his German counterpart also digressed on how to foster human relationships between the two countries.

President Tinubu said: “It was a very good bilateral discussion. I could see from the previous meeting earlier today that our businessmen and policymakers are very anxious to do business with Germany.

“Mine is to continue to assure you that our business doors are open and reforms are working very well.

“We plan to strengthen the relationship and build a fulfilling and rewarding partnership between the two countries, people-to-people relationships, and government-to-government facilitation of opportunities and prosperity.”

Nigeria, Germany To Strengthen Bi-Lateral Tie

He cited Nigeria’s potential as a major gas producers and harnesser of vast renewable resources, including solar power, to electrify rural areas.

“While we are equally promoting the possibility of alternative energy sources, we pride ourselves on being one of the largest gas producers.

He Stressed: “What we need to do has been discussed, and we need to strengthen the partnership for the utilization of energy as a source of supply and promotion of additional incremental value in business opportunities for Nigeria and Germany. “We’ve discussed that.”

On electricity, Tinubu issued a stern warning to Nigerians not to anticipate “magical response” because the current power infrastructure is long past its best years.

“Nigeria, being a nation in a hurry, wants a magical response. But don’t forget, those transmission lines are about 50 to 60 years old.,” Tinubu noted

“The snags are what we are trying to improve and reduce the possibility of problems. We are doing that.

“I’ve signed a reform that decentralised the power distribution and generation in the country.

“The states and various subsectors and subnational can generate their power and distribute it; they are working on it all.

“We have German businesses who are promoting alternative sources of energy, and they are here. We have the sun; they have the technology.

I think we can utilize that for rural electrification; as mentioned earlier on. We can use the various dams that are not effective.

Nigeria, Germany To Strengthen Bi-Lateral Tie

“We assure you that we will put these dams to use for the benefit of our people.”

This claim was made following the collapse of the national grid on Wednesday−12^th time in this year (2024).

The Nigerian president also emphasized the significance of youth training, solid materials and industrial partnership in enhancing national development agenda.

“Our country have a brilliant youth population that is energetic and ready to learn. We have a population that is market-friendly.

“We have an industrial plan that is anxious to establish assembly plants.

“Nigeria equally have solid minerals and the best proportion we can harness to attract German businesses and partners for progress.

“We can tap all the opportunities for effective legal migration. Germany is training our youth population.

Tinubu Added: “We need additional strengthening of youth and skill development programmes that will help energize our populations. And we discussed that extensively, too.”

Also speaking from his perspectives, the German President Steinmeier said as it wildly known that Nigeria is Germany’s second-largest sub-Saharan African trading partner, Germany and Nigeria can look to strengthening their ties.

“German businesses are seeing this as an improvement in investment relations, and it is perceived as such, and this is why we’re happy that Nigeria is Germany’s second-largest trading partner in sub-Sahara Africa.

“But there is great potential, even greater potential. So, I’m happy and grateful that we took much time to engage with one another.

“We promised each other that, with our opportunities and the governments on both sides, will do everything in our power to promote political and cultural ties. Also to promote and intensify People-to-People contacts in our meeting with you and the Cabinet,” said the German leader.

He expressed gratitude for the deep ties enjoyed by the two countries (Germany and Nigeria). He stresses the significance of Nigerian foreign students in Germany.

Nigerians, as he noted, possess extensive knowledge about Germany, serving as valuable intermediaries between two nations.

Steinmeier further indicated mutual commitment to aiding a generation of bridge-builders. He encouraged Nigerian youths, in Germany, to explore more opportunities and privileges made available in Germany.

Nigeria, Germany To Strengthen Bi-Lateral Tie