Tinubu Calls for German Investment in Key Sectors

Tinubu Calls for German Investment in Key Sectors

President Bola Tinubu has called for German investment in vital sectors of the Nigerian economy, specifically highlighting electricity and rail transport.

The request was made during a meeting with German Chancellor Olaf Scholz in Berlin, held outside the G20 Compact with Africa Economic Conference, as stated in a release by the president’s spokesperson, Ajuri Ngelale.

President Tinubu emphasized the need for German investment in growth-enabling industries such as transportation, energy, and the generation, transmission, and distribution of electric power. He expressed a desire for a renewed sense of urgency in implementing the Presidential Power Initiative, which is supported by Siemens. Tinubu further emphasized the potential for skill development opportunities that would benefit Nigerian youth and sustain the industry.

In addition, Tinubu highlighted the possibility of Siemens contributing to Nigeria’s rail network by providing advanced trains and railroads, similar to their involvement in Egypt’s construction of a 2,000 km ultra-high-speed rail network spanning multiple towns.

German Chancellor Olaf Scholz expressed readiness to move forward with investment plans but stressed the importance of addressing financial and administrative obstacles resulting from governance issues in the sector.

Tinubu also raised the topic of value-added processing in Nigeria’s solid minerals, agriculture, automotive industry, and other sectors that generate employment, bringing it to the attention of the German leader.

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