President Bola Tinubu invites German companies and the government to invest in Nigeria’s energy and solid minerals sectors, emphasizing his administration’s focus on these industries. The President made this appeal during a meeting with a German delegation led by President Frank-Walter Steinmeier at the State House on Wednesday.
Tinubu assures the delegation that his government is working to create a favorable business environment by removing administrative hurdles and enhancing security. He highlights the importance of unlocking the energy sector’s potential for Nigeria’s development.
In a statement from the Presidency, President Tinubu emphasizes that Nigeria is open for business and committed to boosting its industrial capacity by tapping into the country’s natural resources. He also underscores the potential for collaboration in renewable energy, pointing out that Nigeria’s abundant solar resources, combined with Germany’s advanced technology, offer significant opportunities for growth.
The President stresses the need to develop alternative energy sources, leveraging Nigeria’s vast solid mineral deposits, including lithium. He states, “We are investing in gas and alternative energy, with a focus on natural gas. Our youth population is dynamic, eager to learn, and we seek domestic investments that will drive economic growth and skill development.”
Minister of Solid Minerals Development, Dele Alake, notes that Germany has a one billion Euro fund dedicated to diversifying the renewable energy supply chain, which could be used to support Nigeria’s solid minerals sector. Alake urges German companies to explore critical minerals such as cobalt, nickel, and lithium, which are abundant in Nigeria and essential for the energy transition.
Alake adds that under President Tinubu’s Renewed Hope Agenda, the Nigerian government has improved security, introduced tax incentives, and created opportunities for joint ventures in the solid minerals sector.
Other key officials present during the meeting include Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; and Minister of Power, Adebayo Adelabu.
Nigeria faces significant energy challenges, with 71% of the population lacking reliable access to electricity. The country’s current electricity generation is about 5,000 megawatts, which is inadequate for its over 200 million people. Renewable energy accounts for less than 21% of Nigeria’s total electricity capacity. Additionally, the solid minerals sector is hindered by issues such as illegal mining, inadequate infrastructure, and insecurity.
