Tinubu to depart Nigeria for Investment Summit in Germany

 

President Bola Tinubu is set to leave Abuja this Saturday for Berlin, Germany, where he will participate in the G20 Compact with Africa (CwA) Conference on November 20, 2023. The conference is hosted by German Chancellor Olaf Scholz.

This was disclosed by the President’s spokesperson on Media and Publicity, Ajuri Ngelale.

The conference will see President Tinubu engaging with Heads of State and Governments from CwA member countries, bilateral partners, and Heads of International Organizations.

Their discussions will center on the immediate enhancement of economic and business cooperation, aiming to identify concrete measures that will foster investments in crucial areas such as energy, trade, infrastructure, and new technologies.

According to the statement, the G20 CwA Conference is scheduled to occur concurrently with the Fourth G20 Investment Summit, which will be co-hosted by the German government and German business associations.

He said the President is committed to attracting foreign direct investment in Nigeria is resonating worldwide. Taking charge of Nigeria’s delegation at the investment summit, he is poised to propel the mission to new heights.

Ajuri stated that the President will be accompanied by the Minister of Foreign Affairs, Amb. Yusuf Tuggar; the Coordinating Minister of the Economy and Minister of Finance, Wale Edun; the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite; and the Minister of Power, Chief Adebayo Adelabu.

According to him,“This visit also affirmed President Tinubu’s commitment to diplomatic reciprocity as the invitation to Germany from the German Chancellor is being honoured following the visit of the German Chancellor to Abuja and Lagos, Nigeria, from October 29 to October 30, 2023.

“Leveraging on the opportunity presented by the Fourth G20 Investment Summit, the Nigerian delegation will follow up on productive meetings previously conducted with high-ranking representatives from German business organizations who were part of the official delegation of the German Chancellor to Nigeria.

“In his discussions with Chancellor Scholz in October, President Tinubu highlighted the imminent need for more German companies to invest in the Nigerian market across multiple sectors of the Nigerian economy, such as transportation, mining, and energy, all while noting that Nigeria remains Germany’s second-largest trading partner in Africa.

“Nigeria and Germany, being the largest economies in Africa and Europe, respectively, recorded an increase in bilateral trade volume from two to three billion Euros between 2021 and 2022.”
President Tinubu will return to the country following the conclusion of the conference.