Nigeria’s doors are wide open for business, President Bola Tinubu told his German counterpart Frank-Walter Steinmeier in the capital Abuja on Wednesday.
On the first day of Steinmeier’s four-day trip to three African countries, Tinubu emphasized that Nigeria has implemented reforms in recent years that will benefit the economy, including reducing bureaucracy and tax reforms.
Steinmeier praised Nigeria’s efforts, saying the reforms “are seen by German business as an improvement in investment relations.”
With approximately 220 million inhabitants, Nigeria is Germany’s second largest trading partner in the sub-Saharan part of Africa.
“But the potential is much greater,” Steinmeier added.
Despite its oil wealth, the West African country is facing the worst economic crisis in more than twenty years.
Nigerians blame Tinubu’s economic reforms for the rapid rise in inflation, which has led to a massive increase in the cost of living.
In addition, the persistent fuel shortage and inadequate power supply are slowing economic growth.
Tibunu on Wednesday highlighted potential partnerships with Germany in liquefied natural gas (LNG) and renewable energy, while Steinmeier pointed to hydrogen.
Steinmeier previously met Omar Touray, the president of the Economic Community of West African States (ECOWAS).
The regional organization, consisting of fifteen member states, has recently been weakened by the withdrawal of Niger, Mali and Burkina Faso.
The German president will hold further talks on economic partnerships in the Nigerian city of Lagos on Thursday before visiting South Africa and Lesotho.
German President Frank-Walter Steinmeier (L) and Nigerian President Bola Tinubu meet for talks with their delegations at the president’s official residence. Bernd von Jutrczenka/dpa
