Tinubu seeks German investment in vital sectors

President Bola Tinubu has called for German investment in key sectors of the Nigerian economy, such as electricity and rail transport. During a meeting with German Chancellor Olaf Scholz in Berlin, Tinubu highlighted the need for German investment in growth-enabling businesses, particularly in transportation, energy, and the generation, transmission, and distribution of electric power.

Tinubu emphasized the importance of expediting the implementation of the Presidential Power Initiative, supported by Siemens, and expressed his commitment to the project’s success. He also suggested that Siemens could contribute to Nigeria’s rail network by supplying advanced trains and railroads, similar to its projects in Egypt.

Chancellor Scholz acknowledged the readiness for collaboration but highlighted the necessity of addressing financial and administrative obstacles related to governance issues in the sectors. Tinubu also raised the potential for value-added processing in Nigeria’s solid minerals, agriculture, automotive industry, and other job-generating sectors during the discussion with the German leader.