President Bola Tinubu stated on Monday that his administration is concentrated on vital growth-enabling businesses in energy, transportation, and the generation, transmission, and distribution of electric power. He also reaffirmed Nigeria’s resolute pursuit of German investment in specific sectors of its own economy.
This served as the main topic of conversation during the G20 “Compact with Africa” Economic Conference between the leader of Nigeria and German Chancellor Olaf Scholz.
This was disclosed in a statement signed by Ajuri Ngelale, Special Advisor to the President on Media and Publicity, on Monday. The statement said, “President Tinubu meets German Chancellor Scholz; advances negotiation on German investment in power and rail transportation sectors.”
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The President praised Siemens AG’s achievements in improving the amount and caliber of electricity supplied to Egypt.
There, he promised that he would bring a new urgency to the uneven and erratic implementation of the Siemens-backed Presidential Power Initiative, along with a more methodical approach to project execution.
This occurred as he realized that, in order to ensure the project’s sustainability, Siemens technology needed to be included into every part of the undertaking.
“I am firmly dedicated to exploring every facet of the Siemens Power initiative and the resulting skill-building prospects for our gifted young people, who can contribute to the industry’s sustainability,” the President declared.
With reference to the new 2,000 km ultra-high-speed rail network that Siemens is currently building at a speed of 230 km/hr across 60 cities in Egypt, Tinubu expressed his keen interest in the role Siemens can play in providing ultra-modern trains and railways to Nigeria in order to modernize and expand the country’s rail network.
He pointed out that they would more than double the pace of the current Nigerian standard-gauge systems, which run at 100 km/h.
In response, the German Chancellor stated that he was prepared, but he also acknowledged that there were financial and administrative obstacles that needed to be overcome due to issues with governance that had arisen during previous administrations in the industry.
“I know that a lot of work has been done,” Scholz remarked. Nigeria is already producing a lot of power, but the populace is not receiving it.
This obviously has to do with the grid’s requirement for the provision of stations and infrastructure. Siemens has created the plan and is prepared to advance its implementation; nevertheless, it is now your new government’s responsibility to carry out the additional measures that you have now promised to undertake.
“Siemens will be pleased to proceed with the railway plans once the power project, which has already been initiated, progresses further.”
The German leader was alerted by Tinubu to the necessity for his business community to concentrate on value-added processing in Nigerian solid minerals, agricultural products, car manufacturing, and other economic areas that generate jobs.
“Everything the world needs to reform the business environment is happening in Nigeria,” he declared.
Maybe our outside investors are still a little afraid that those old Nigerian problems will never be solved.
However, my experience speaks for itself. I have previously changed an entity. I will, and I am here to do it once more.
The German Chancellor said, “There is nothing particularly unique about China’s growth,” nodding in agreement.
It all boiled down to a large amount of foreign investment that took advantage of trained labor that was inexpensive, along with sufficient internal and marine infrastructure to facilitate easy import and export trade.
“In Nigeria, these things are feasible. Even your natural resources are plentiful. It is attainable, Mr. President, step by step.
The two men in charge of the biggest economies in Europe and Africa, respectively, decided to work together more closely to use cutting-edge border control and biometric technology to prevent irregular migration.
They also concurred that funding labor-intensive businesses will be crucial in addressing the underlying causes of the issue.
Before going to the Compact with Africa Summit of Heads of State and Government, Tinubu subsequently had a discussion with Frank-Walter Steinmeier, the Federal President and Head of State of Germany.