Your money safe in Nigeria, Tinubu tells investors 

President Bola Tinubu, on Monday, told international investors from G20 nations that their monies are safe in Nigeria’s business environment.

He reasoned that beyond Nigeria’s natural resources, the people of Nigeria, whom he described as highly educated, highly skilled and naturally industrious, are the primary asset and advantage the country wields over other nations in the global race for new investments.

“Your money is safe…We are eager and ready to partner with you…We have the youngest, largest, and most vibrant youth population in Africa…equally, we have a well-educated population, a massive market, and the political will to bring it all together under my leadership,” Tinubu said at a panel discussion titled Fostering local value chains and investments in Africa – The role of the German private sector at the G20 Compact with Africa Economic Conference, hosted by German Chancellor, Olaf Scholz, in Berlin.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, conveyed this in a statement he signed on Monday titled, ‘President Tinubu to investors: Nigerians are the greatest asset and advantage we have over other nations.’

Tinubu said since he assumed office in May 2023, his administration has embarked on transformative changes, removing all obstacles hindering businesses.

“We are reforming the economy based on the principle and philosophy of good governance,” the President affirmed.

He noted that while promoting the rule of law is crucial for attracting foreign investments, Nigeria’s energetic youth population and well-educated populace represent the most significant incentive for investors toward the mutually beneficial replication of China’s economic resurgence.

“‘We are eager and ready to partner with you. We have the youngest, largest, and most vibrant youth population in Africa.

“Equally, we have every ingredient required in making a modern economy: a well-educated population, a massive market, and the political will to bring it all together under my leadership,” he said.

Tinubu argued that Africa has moved beyond the false past notions of business disincentivisation and poor adherence to the rule of law it was known for.

Instead, “We now fully recognize the nexus between the inflow of investor money and the sanctity of contracts.

“We want to partner on the basis of who we are and what we do, rather than on the basis of long-held misconception,” the President stated.

He affirmed that the Federal Government is now dogged in its pursuit of natural gas development today, in tandem with hydrogen production for tomorrow. This also meant sweeping tax reforms, which he said are underway.

“The world knows Nigeria as a leader in the energy sector. Our vast gas deposits and business-friendly environment make us an attractive investment destination.

“But we are going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to accommodate foreign investments expeditiously,” said President Tinubu.

He also apprised the summit of the country’s intentional move toward developing labour-intensive sectors of the Nigerian economy for massive job creation and a new emphasis on technological progress and new opportunities in Nigeria’s rapidly expanding information and communications technology space.

The President assured potential investors that Nigeria has moved beyond restrictive policies, and today, capital can be moved in and out of the country freely, providing flexibility for investors.

He argued, “Nigeria has consolidated its democracy with several consecutive handovers of power.

“There is stability and predictability in the socio-political development of our country, which provides a conducive atmosphere for business operations and investment.”

The Nigerian leaders also persuaded German automobile firms to establish manufacturing plants in Nigeria; he invited German businesses to take advantage of investment opportunities in multiple sectors following the successful visit of the German Chancellor to Nigeria in October.

Speaking earlier, German Chancellor Olaf Scholz noted the dynamic and evolving nature of economic relations between the developed and developing nations of the world as he positions Germany to enhance partnership with Nigeria and Africa on a mutually beneficial basis.

Olaf noted, “To be clear, this is not about traditional development aid with donor-recipient schemes. Instead, we now focus on investments that yield benefits for both parties.

“In Germany, as we strive for climate neutrality by 2045, we anticipate a substantial demand for green hydrogen, a considerable portion of which we plan to import, including from Africa.”

The German leader reasoned that many African countries possess larger potentials for renewable energy and competitive hydrogen production than we do.

However, he is convinced that fantastic opportunities abound for expanding cooperation between German and African companies in this context.

“I highlighted this during my visit to Nigeria, where we already operate a hydrogen office and aspire to be a partner in the ambitious expansion of renewable energies,” the Chancellor stated.

Other panelists at the discussion were President Alassane Ouattara of Côte d’Ivoire; Prime Minister Aziz Akhannouch of Morocco; President Macky Sall of Senegal; Sabine Dall’Omo, Chairperson of Afrika-Verein (German-African Business Association); and CEO of Sub-Saharan Africa, Siemens AG.

On Tuesday, the President will host notable German Business Chief Executives at a Nigeria-Germany Business Roundtable in Berlin, Germany.

Credit: The Punch