Business
Tinubu courts German investment in Energy, solid minerals
President Bola Tinubu has called on the German government and companies to invest in Nigeria’s energy and solid minerals sectors, emphasizing his administration’s commitment to creating a conducive business environment.
Speaking during a meeting with German President Frank-Walter Steinmeier and his delegation at the State House on Wednesday, Tinubu highlighted Nigeria’s readiness to partner with Germany in harnessing its natural resources and expanding alternative energy opportunities.
Tinubu reaffirmed that unlocking the potentials of Nigeria’s energy sector is pivotal to the nation’s development. According to a statement issued by the Presidency, Tinubu said: “Activation of the latent potentials in the energy sector remains central to Nigeria’s development. We are ready and open for business.”
He emphasized that his government is addressing barriers to investment by eliminating unnecessary administrative hurdles and enhancing security.
Tinubu directed key ministries, including Foreign Affairs, Solid Minerals, Power, and Industry, Trade and Investment, to collaborate closely with German investors to facilitate growth in the energy sector.
The President underscored the need to develop Nigeria’s alternative energy capabilities, leveraging its abundant natural resources.
He highlighted the role of solar energy and the country’s vast deposits of critical minerals such as lithium, essential for the global energy transition.
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“We are projecting investment in gas and alternative energy. Our transformation involves natural gas. We are leveraging solid minerals, particularly lithium. Nigeria’s youth population is dynamic and eager to learn, and we must capitalize on this to drive industrialization,” Tinubu stated.
The Minister of Solid Minerals Development, Dele Alake, revealed that Germany has allocated a €1 billion fund to diversify renewable energy supply chains, noting that Nigeria’s solid minerals sector is well-positioned to benefit from this initiative.
“German companies should explore Nigeria’s critical minerals for energy transition, such as cobalt, nickel, and lithium.
Under the Renewed Hope Agenda, the government has enhanced security, created tax incentives, provided waivers for critical equipment, and introduced joint venture opportunities,” Alake said.
Tinubu also called for German support in skill development and industrial growth, highlighting the contributions of Nigerian students trained in Germany.
“We want domestic investments that promote growth and skill development to industrialize Nigeria,” the President said.
The meeting was attended by senior Nigerian officials, including the 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.
The discussions are expected to pave the way for deeper collaboration between Nigeria and Germany, particularly in fostering sustainable energy solutions and industrialization through strategic investments in critical sectors.