President Bola Tinubu engaged in discussions with German Federal Chancellor Olaf Scholz during the G20 Compact with Africa Economic Conference on Monday, expressing Nigeria’s interest in fostering German investment, particularly in the power and rail sectors.
Tinubu highlighted the eagerness of his administration to collaborate with German companies, including Siemens AG, to revamp Nigeria’s power sector. He called for a review of the Siemens-backed Presidential Power Initiative (PPI) initiated by former President Buhari in 2018, emphasizing the need for expedited project execution in the power sector.
Acknowledging Siemens AG’s positive impact on Egypt’s electric power supply, Tinubu committed to advancing the PPI with increased urgency and a more deliberate approach. He emphasized the importance of skill development opportunities for Nigerian youths arising from the project.
Chancellor Scholz, in response, expressed Germany’s willingness to address administrative and financial challenges in the power sector, recognizing governance issues inherited from the previous administration. He noted Siemens’ readiness to deepen implementation but emphasized the need for the new Nigerian government to take follow-up action.
Regarding rail sector investment, Scholz suggested that Nigeria could replicate China’s success, citing similarities in opportunities and conditions. He encouraged a step-by-step approach, highlighting Nigeria’s abundant natural resources as a potential catalyst for growth.
Germany has demonstrated a keen interest in investing in Nigeria, with Chancellor Scholz’s visit in October focusing on Nigeria’s capacity for LNG production, mineral resources, and the rail sector. This collaboration signifies a growing partnership, especially as Western European countries turn to Africa for energy sustenance amid global conflicts.
