President Bola Tinubu has assured German President Frank-Walter Steinmeier that Nigeria is committed to implementing agreements that ease investments in renewable energy and industrial growth.
This assurance was given during Steinmeier’s visit to the Presidential Villa in Abuja on Wednesday.
Tinubu highlighted Nigeria’s tax reforms, which are now friendly for business environments and can attract foreign investments.
These reforms include import duty waivers for machinery, decentralization of power generation, and active foreign exchange reforms.
The Nigerian leader emphasized the removal of bureaucratic hurdles for business operations and promised incentives to support private sector growth. “We have an open-door policy: ease of entry, ease of exit,” Tinubu said during a press conference.
Tinubu also discussed the potential for cooperation in the energy sector, particularly in renewable energy sources like solar power. He noted that German technology could be leveraged for rural electrification and alternative energy solutions.
The visit by the German President underscores Germany’s interest in strengthening ties with Africa’s largest economy. Tinubu’s assurances come as Nigeria seeks to position itself as a prime destination for foreign investments in the face of global economic challenges.
In addition to economic cooperation, the two leaders also discussed the importance of youth training, solid minerals development, and industrial partnerships in advancing Nigeria’s economy.
