Nigeria’s President, Bola Ahmed Tinubu, is scheduled to depart from Abuja to Berlin, Germany, on Saturday to participate in the G20 Compact with Africa (CwA) Conference and the Investment Summit, which will be hosted by German Chancellor, Olaf Scholz, on November 20, 2023.
A statement from the President’s Spokesperson, Ajuri Ngelale, revealed that the Nigerian Leader will be joining other Heads of State and Governments of member countries, bilateral partners, as well as Heads of International Organizations to deliberate on strategies to enhance economic and business cooperation.
The discussions will focus on outlining concrete measures to boost investments in critical areas such as energy, trade, infrastructure, and new technologies, among others. This is in line with President Tinubu’s unwavering commitment to attracting foreign direct investment to Nigeria.
The G20 CwA Conference will run concurrently with the Fourth G20 Investment Summit, co-hosted by the German government and German business associations.
“President Bola Tinubu’s globally recognized drive for foreign direct investment in Nigeria will be further advanced as he leads Nigeria’s delegation to participate in the investment summit,” a statement from the President’s Spokesperson emphasized.
The upcoming visit also underscores President Tinubu’s commitment to diplomatic reciprocity, as it reciprocates the invitation from the German Chancellor following his visit to Abuja and Lagos, Nigeria, from October 29 to October 30, 2023.
Capitalizing on the opportunity presented by the Fourth G20 Investment Summit, the Nigerian delegation will build on previous discussions with high-ranking representatives from German business organizations, who were part of the official delegation of the German Chancellor to Nigeria.
During his discussions with Chancellor Scholz in October, President Tinubu stressed the immediate need for increased investments from German companies across multiple sectors of the Nigerian economy. He particularly highlighted sectors such as transportation, mining, and energy, while noting that Nigeria remains Germany’s second-largest trading partner in Africa.
Nigeria and Germany, as the largest economies in Africa and Europe, respectively, saw a rise in bilateral trade volume from two to three billion Euros between 2021 and 2022.
The President will be accompanied by the Minister of Foreign Affairs, Amb. Yusuf Tuggar; the Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun; the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite; and the Minister of Power, Chief Adebayo Adelabu.
President Tinubu is expected to return to the country after the conference.
