President Bola Tinubu, on Wednesday assured German businesses of Nigeria’s readiness to fully implement existing pacts to ease investment in renewable energy, youth skill development and industrial growth.
Speaking during the visit of German President, Frank-Walter Steinmeier, Tinubu highlighted ongoing reforms aimed at fostering a business-friendly environment and attracting foreign investment.
These include import duty waivers for machinery, decentralization of power generation and active foreign exchange reforms.
“We have an open-door policy: ease of entry, ease of exit,” Tinubu said during the press conference that followed closed-door talks, emphasising the removal of bureaucratic bottlenecks in establishing businesses.
He explained: “We have an open-door policy. What do I mean by that? There is no longer bureaucracy in establishing your business. We have tax reforms that are private-sector friendly.
“We have import duty waivers for machinery. We have so many other incentives that we will help establish private businesses. That I can assure you. We are removing the bureaucracy.
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“We have a reform in the foreign exchange market, and it’s very active. We’ve aligned our petroleum industry with the world standard practice of production and consumption.”
Both Presidents also discussed ways to improve the people-to-people relationships between both countries.
Tinubu disclosed that: “It was a very good bilateral discussion. I could see from the previous meeting earlier today that our businessmen and policymakers are very anxious to do business with Germany.
“Mine is to continue to assure you that our business doors are open and reforms are working very well.
“We plan to strengthen the relationship and build a fulfilling and rewarding partnership between the two countries, people-to-people relationships, and government-to-government facilitation of opportunities and prosperity.”
He noted Nigeria’s potential as a major gas producer and its abundant renewable energy resources, such as solar power, which can be harnessed through German technology for rural electrification.
“While we are equally promoting the possibility of alternative energy sources, we pride ourselves on being one of the largest gas producers.
“What we need to do has been discussed, and we need to strengthen the partnership for the utilisation of energy as a source of supply and promotion of additional incremental value in business opportunities for Nigeria and Germany. We’ve discussed that,” said Tinubu.
the Steinmeier said that while Nigeria remains Germany’s second-largest trading partner in sub-Sahara Africa, both countries can deepen ties.
“German businesses are seeing this as an improvement in investment relations, and it is perceived as such, and this is why we’re happy that Nigeria is Germany’s second-largest trading partner in sub-Sahara Africa.
“But there is great potential, even greater potential. So, I’m happy and grateful that we took much time to engage with one another.
“We promised each other that we both, with our opportunities and the governments on both sides, will do everything in our power to promote political and cultural ties and also promote and intensify People-to-People contacts in our meeting with you and the Cabinet,” said the German leader.
He expressed appreciation for the strong ties between Germany and Nigeria, emphasising the importance of Nigerians who study in Germany and return to their home country.
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