President Bola Tinubu highlighted Nigeria’s potential for growth in the energy and solid minerals sectors during a business meeting with German investors in Abuja on December 11, 2024. He emphasized that Nigeria is open to new investment opportunities and is working to eliminate administrative barriers, particularly in the energy and solid minerals sectors. Tinubu underscored the importance of leveraging the country’s natural resources, including gas and lithium, as part of Nigeria’s industrialization strategy. He also noted the potential for collaboration with Germany, particularly in renewable energy, where both countries have complementary strengths.
Tinubu assured investors that Nigeria is transforming its economic landscape to be more attractive to foreign business. He pointed to recent reforms aimed at enhancing industrialization, with a focus on the energy sector and sustainable frameworks for long-term prosperity. The government has directed various ministries to collaborate closely with investors to unlock opportunities, especially in alternative energy and solid minerals. The President also highlighted the role of small and medium enterprises (SMEs) in driving the economy, noting that the environment for investment has been improved with streamlined processes and tax incentives.
The German President, Frank-Walter Steinmeier, expressed growing interest from German companies in expanding into Nigeria, particularly in renewable energy and energy transition minerals like cobalt, nickel, and lithium. The German government has a dedicated fund to support the diversification of the renewable energy supply chain, and German businesses are encouraged to explore opportunities in Nigeria’s solid minerals sector. Ministerial representatives from Nigeria and Germany further discussed ways to strengthen bilateral ties and attract more investment to Nigeria.