Tinubu Pushes for Investment in Nigeria’s Power, Rail Transport Sectors
President Bola Tinubu met with German Federal Chancellor, Olaf Scholz, yesterday in Berlin, where he stated that Nigeria’s pursuit of German investment in targeted sectors of the economy was focused on critical growth-enabling industries in energy, transportation, and electric power production, transmission, and distribution.
Tinubu spoke on the sidelines of the G20 Compact with Africa Economic Conference in Berlin.
Recognising the success of Siemens AG in positively transforming the quantity and quality of Egyptian electric power supply, the president noted that under his leadership, the staggered and unsteady implementation of the Siemens-supported Presidential Power Initiative (PPI) would assume a new urgency with a more deliberate process of project execution.
Responding to President Tinubu, the German chancellor expressed readiness but said administrative and financial hurdles brought about by governance problems in the sector emanating from successive administrations governments had to be resolved.
The German chancellor said that there is a lot of work that has been done. There is already a big production of electricity in Nigeria, but it is not getting to the population. Of course, this has to do with the need for a provision of stations and infrastructure on the grid.
Speaking in Berlin during a panel discussion titled, “Fostering local value chains and investments in Africa – the role of the German private sector,” at the G20 Compact with Africa Economic Conference, Tinubu said while promoting the rule of law was crucial for attracting foreign investments. Nigeria’s energetic youth population and well-educated populace represented the greatest incentive provided to investors toward the mutually-beneficial replication of China’s economic resurgence.
