President Bola Tinubu on Wednesday hosted German President Dr. Frank-Walter Steinmeier at Aso Villa, with discussions centered on strengthening investments in Nigeria’s energy sector.
In his opening remarks, President Tinubu highlighted Germany’s expertise in alternative energy sources and its status as a global leader in the electric vehicle (EV) market and automobile exports.
He expressed optimism about fostering a robust partnership in energy innovation between the two nations and acknowledged Germany’s capacity to help Nigeria in the energy sector, especially in the area of alternative energy sources.
Benefits of Energy Collaborations with Germany
President Tinubu outlined Nigeria’s commitment to facilitating German investments by derisking the energy sector and reducing bureaucratic hurdles.
“We have the sun, you have the technology so we are ready for you to come and invest in it”. He also noted that the recent decentralization of Nigeria’s power sector would make it easier for foreign investors, including Germany, to participate.
President Steinmeier thereafter reiterated Germany’s close ties with Nigeria stating the country was Germany’s second biggest trade partner in sub-Saharan Africa.
Broader Collaboration Opportunities
Minister of Industry, Trade, and Investment, Jumoke Oduwole expressed the need for collaboration between both countries and called for a collaboration between both countries in terms of the development of Electronic Vehicles, Healthcare, and Digital transformation, as well as German technical training for MSMEs.
Expanding Trade Relations
Germany’s current trade volume with Nigeria stands at $3 billion, primarily driven by German imports of automobiles, consumer goods, and chemical products. The minister emphasized the need to increase Nigerian exports to Germany and expand industrial partnerships to balance trade relations.
The meeting highlighted mutual interest in strengthening ties, with energy and trade as key pillars of future cooperation between Nigeria and Germany.