July 14, 2024
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OIL & GAS RENEWABLE ENERGY

Tinubu Seeks German Investment for Nigeria’s Energy Renaissance

President Bola Ahmed Tinubu is seeking German investment in Nigeria’s energy sector, with a particular focus on natural gas, hydrogen production, and the Siemens-supported Presidential Power Initiative (PPI).

The discussions took place during the G20 Compact with African Economic Conference in Berlin, where President Tinubu held insightful conversations with German Chancellor Olaf Scholz and met with German Federal President Frank-Walter Steinmeier, according to TheGuardian.

President Tinubu highlighted the nation’s significant role in the global energy landscape, citing vast gas deposits and a business-friendly environment that makes Nigeria an attractive investment destination.

He emphasized the ongoing fiscal responsibility and tax reforms aimed at facilitating foreign investments, positioning Nigeria as an eager and ready partner for collaboration.

President Tinubu stated, “We are dogged in our pursuit of natural gas development today, in tandem with hydrogen production for tomorrow. The world knows Nigeria as a leader in the energy sector. Our vast gas deposits and business-friendly environment make us an attractive investment destination.”

“But we are going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to expeditiously accommodate foreign investments.”

”We are eager and ready to partner with you. We have the youngest, largest, and most vibrant youth population in Africa. Equally, we have every ingredient required in the making of a modern economy: a well-educated population, a massive market, and the political will to bring it all together under my leadership.”

“Africa has moved beyond the false past notions of business disincentivization and poor adherence to the rule of law. We now fully recognize the nexus between the inflow of investor money and the sanctity of contracts. We want to partner on the basis of who we are and what we do, rather than on the basis of long-held misconception.”

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