The Nigerian Presidency has decriibed the decision of German Chancellor Olaf Scolz to visit Nigeria as the outcome of fruitful engagement by President Bola Ahmed Tinubu with world economic leaders in the ongoing G-20 Summit in India.
President Tinubu is currently attending the ongoing meeting in Delhi, India attended by world economic powerhouses such as the United States, Canada, China, United Kingdom, following his invitation by India Prime Minister Norenda Mordi.
Before he left the country last week, Tinubu said his aim was to use the annual G-20 Summit to attract foreign capital to Nigeria.
He has been speaking with other world leaders at the meeting on how to attract foreign investment, including the German Chancellor who promised during a meeting with Tinubu to visit Nigeria to further strenghten economic ties between the two countries, said Presid3ntila spokesman, Ajuri Ngelale.
Scolz will pay a visit to Nigeria in October to explore areas in which both countries could advance economic cooperation, Ngelale said in a statement on Sunday.
“Thank you for this important discussion, Mr. President. I appreciate this opportunity to advance our economic relations. Your market is unique and our companies have a history in Nigeria,” Scholz was quoted as saying after meeting with Tinubu.
“We acknowledge the business-friendly reforms you have put in place. I am happy to inform you of my desire to visit you in Nigeria in October, which will allow us to carry forward these initiatives.”
Ngelale also quoted Tinububu: “It is not, for us, only a matter of designing the financial architecture for an expanded economic partnership.
“It is also about the practicality of aligning the perspectives of your large-scale manufacturers, such as Volkswagen and others, with the reality of the new incentives my government is putting in place for them to come and prosper across multiple value chains and sectors inside of our country.”
Germany is one of Nigeria’s trade partners. In 2022, Nigeria spent over $5 billion importing items such as electric generating sets, electric transformers, vacuum cleaners, hair clippers, and other electrical machinery and equipment from the European biggest economy, according to data from the International Trade Centre.
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