Nigeria is actively pursuing increased investments at the G20 Compact With Africa Summit

Nigeria is actively pursuing increased investments at the G20 Compact With Africa Summit

Nigeria’s President, Bola Ahmed Tinubu, enthusiastically conveyed his commitment to fostering increased investment opportunities for the nation during his participation in the G20 Compact With Africa Summit held in Berlin.

In his address at the summit, President Tinubu articulated a keen eagerness to attract diverse investments that would contribute to the economic growth and development of Nigeria.

Emphasizing the importance of international collaboration and partnerships, he outlined strategic initiatives aimed at creating a conducive environment for both domestic and foreign investors.

Tinubu’s proactive stance at the summit highlighted Nigeria’s dedication to harnessing global economic synergies and fostering mutually beneficial relationships to propel the country towards sustained prosperity.

Emphasizing the nation’s potential for development, he highlighted the need for assembly plants and automotive investments given Nigeria’s high vehicular density.

President Tinubu underscored Nigeria’s educated and energetic youth population as a valuable resource for attracting investors, committing to upholding the rule of law to ensure the safety of investments.

“Achieving success hinges on the ability to seamlessly transition from our current state to the next phase of development. We are paving the way for this transformative journey, unlocking opportunities for advancement and welcoming progress into the next generation of development.”

He pledged to capitalize on opportunities presented by Europe to transform Africa’s economic narrative.

Alassane Ouattara, President of Cote D’Ivoire, stressed the significance of Nigeria’s success for West Africa and advocated for trade partnerships among African countries. He appealed to German enterprises to enhance local training and collaboration to boost production.

Macky Sall, President of Senegal, highlighted the importance of collaboration with Europe and expressed Africa’s readiness to engage in business with Germany and other European countries. He urged increased access to the global market to advance the continent.

German Chancellor Olaf Scholz, hosting the summit, encouraged German investors not to underestimate Africa’s potential. He noted Africa’s efforts to lead in technology and positioned the continent as a destination for Foreign Direct Investment.

Sabine Dall’ Omo, CEO of Siemens Sub Saharan Africa, highlighted Africa’s potential for investment in new technologies.

She emphasized the role of technology in addressing challenges, particularly in climate change, and pledged Siemens’ commitment to infrastructure development in Africa.

The first panel session concluded with participation from 18 African countries, with 10 member-countries of the Compact with Africa attending, including Egypt, Ethiopia, Benin, Côte d’Ivoire, Ghana, Morocco, Rwanda, Senegal, Togo, and Tunisia.

The discussions aimed to foster local value chains and attract investments for Africa’s development.

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