President Bola Tinubu, on the sidelines of the G20 Compact with Africa Economic Conference, engaged in discussions with German Federal Chancellor Olaf Scholz to drive negotiations aimed at securing German investment in critical sectors of the Nigerian economy, specifically focusing on energy, transportation, and electric power production.
Highlighting the success of Siemens AG in transforming the electric power supply in Egypt, President Tinubu underscored his commitment to revitalizing the Siemens-supported Presidential Power Initiative (PPI) in Nigeria. He expressed the need for a more deliberate and coordinated execution process, emphasizing the importance of incorporating Siemens technology comprehensively for sustainable project outcomes.
“I am fully committed to advancing the Siemens Power project and harnessing the skill development opportunities it presents for our talented youth. Their participation is crucial for sustaining the industry,” affirmed President Tinubu.
Drawing inspiration from Siemens’ ongoing construction of a 2,000km ultra-high-speed rail network in Egypt, operating at 230km/hour, the President expressed interest in leveraging Siemens’ expertise to modernize and expand Nigeria’s rail network. He envisioned the provision of ultra-modern trains and railways capable of surpassing the existing 100km/hour standard-gauge systems in the country.
In response, Chancellor Scholz expressed readiness for collaboration but acknowledged the need to address administrative and financial challenges stemming from governance issues in the sector. He emphasized Siemens’ willingness to contribute to the railway plans once more progress is made on the power project.
President Tinubu urged the German business community to explore value-additive processing in Nigerian solid minerals, agriculture, automobile production, and other job-creating sub-sectors. He reassured the international community that ongoing reforms in Nigeria, coupled with his track record of successful transformations, are paving the way for a conducive business environment.
The German Chancellor concurred, noting that Nigeria possesses the potential for economic growth, akin to China, through overseas investment, skilled labor, and robust infrastructure. Both leaders agreed to deepen collaboration on utilizing advanced biometric systems and border control technology to address irregular migration. They also acknowledged that investments in labor-intensive industries would contribute significantly to addressing the root causes of migration challenges.
President Tinubu later engaged with German Federal President Frank-Walter Steinmeier before participating in the Compact with Africa Summit of Heads of State and Government