President Bola Tinubu will fly to Berlin on Saturday to attend the G20 Compact with Africa conference as he seeks to attract investments in energy and infrastructure and boost trade, his office said.
The conference, hosted by German Chancellor Olaf Scholz, will focus on enhancing economic and business cooperation between African nations and G20 countries, spokesperson Ajuri Ngelale said in a statement.
Tinubu will also participate in the fourth G20 Investment Summit, co-hosted by the German government, where he will make a case for Nigeria as an investment destination, Ngelale said.
Ngelale said “This visit also affirmed President Tinubu’s commitment to diplomatic reciprocity as the invitation to Germany from the German Chancellor is being honoured following the visit of the German Chancellor to Abuja and Lagos, Nigeria, from October 29 to October 30, 2023.
“Leveraging on the opportunity presented by the Fourth G20 Investment Summit, the Nigerian delegation will follow up on productive meetings previously conducted with high-ranking representatives from German business organizations who were part of the official delegation of the German Chancellor to Nigeria.
“In his discussions with Chancellor Scholz in October, President Tinubu highlighted the imminent need for more German companies to invest in the Nigerian market across multiple sectors of the Nigerian economy, such as transportation, mining, and energy, all while noting that Nigeria remains Germany’s second-largest trading partner in Africa.
“Nigeria and Germany, being the largest economies in Africa and Europe, respectively, recorded an increase 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, Wale Edun; the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite; and the Minister of Power, Chief Adebayo Adelabu.
Nigeria is seeking to boost investment rather than rely on debt to revive its economy that is weighed down by sluggish growth, record debt, double-digit inflation, foreign currency shortages and thefts of crude oil, its main export.
