Rail and power are two important Nigerian economic sectors in which President Bola Tinubu has requested German investment.
Tinubu made the proposal at a meeting with German Chancellor Olaf Scholz on Monday in Berlin, outside the G20 Compact with Africa Economic Conference, according to a statement issued by the president’s spokeswoman, Ajuri Ngelale.
The President claims that German investment is necessary for significant growth-enabling enterprises in the energy, transportation, and production, transmission, and distribution of electric power.
Siemens-backed Presidential Power Initiative is being implemented unevenly and sporadically; the President stated that there should be a greater urgency to this.
“I am firmly dedicated to exploring every facet of the Siemens power project and the associated skill-development prospects for our gifted young people, who can contribute to the industry’s sustainability,” stated Tinubu.
He continued by saying that Siemens, which is currently developing a 2,000 km ultra-high-speed rail network encompassing 60 cities in Egypt, can help Nigeria’s rail network by providing state-of-the-art trains and tracks.
Olaf Scholz, the chancellor of Germany, stated that while he was ready for this, the sector’s governance problems needed to be resolved in order to remove administrative and financial roadblocks.
Tinubu raised to the German leader’s attention the topic of value-added processing in Nigeria’s solid mineral, agricultural, automotive, and other employment-generating industries.
