Toba Owojaiye Reporting
During the G-20 summit in India, President Bola Ahmed Tinubu engaged in discussions with German Chancellor Olaf Scholz to invigorate Nigeria’s automotive manufacturing sector. The aim of this meeting was to foster stronger economic ties between the two nations and encourage foreign investment in Nigeria’s growing market.
President Tinubu emphasized the significance of expanding economic partnerships as a cornerstone of his administration’s goals. He urged the German government to explore novel incentives to attract foreign investments into Nigeria. Tinubu highlighted that it’s not merely about creating financial frameworks but also aligning the perspectives of major manufacturers like Volkswagen with the new incentives his government is implementing to facilitate their growth across various sectors within Nigeria.
Chancellor Scholz recognized the mutually advantageous nature of enhancing economic relations with Nigeria. He expressed his gratitude for the crucial discussions and commended Nigeria’s business-friendly reforms. Furthermore, Chancellor Scholz revealed his intention to visit Nigeria in October, underscoring his commitment to furthering these economic initiatives.
Tinubu said:
• “It is not, for us, only a matter of designing the financial architecture for an expanded economic partnership.
• ‘’It is also about the practicality of aligning the perspectives of your large-scale manufacturers, such as Volkswagen and others, with the reality of the new incentives my government is putting in place for them to come and prosper across multiple value chains and sectors inside of our country,”.
In summary, President Tinubu’s meeting with Chancellor Scholz at the G-20 summit revolved around strengthening economic ties between Nigeria and Germany, with a specific focus on revitalizing Nigeria’s automotive manufacturing industry. Both leaders acknowledged the potential benefits of this partnership and expressed their willingness to collaborate for the mutual prosperity of their nations.