President Bola Tinubu on Wednesday assured German businesses of Nigeria’s readiness to fully implement existing pacts to ease investment in renewable energy, youth skill development and industrial growth.
The president of Nigeria has applied to the existing Bola, the will of the development of energy to facilitate its renewable skills. youth and industrial growth.
Speaking during the visit of German President Frank-Walter Steinmeier, Tinubu he emphasized the ongoing reforms aimed at fostering a business-friendly environment and attracting foreign investment.
These include exemption from import duties for machinery, decentralization of electricity production and active exchange rate reforms.
“We have an open door policy; ‘Ease of entry, ease of exit,’” Tinubu said at the press conference that followed the closed door talks, emphasizing the removal of bureaucratic hurdles in the formation of the business.
He explained: “We have an open door policy. What do I mean by that? There is no more bureaucracy to start your business. We have favorable tax reforms for the private sector.
“We have exemptions from import duties for machinery. We have many other incentives that help create private businesses. I can assure you. We are cutting red tape.
“We have a reform in the foreign exchange market and it is very active. We have linked our oil industry to global standard practice of production and consumption.”
The two presidents also discussed ways to improve people-to-people relations between the two countries.
Tinubu revealed: “It was a very good bilateral discussion. From the previous meeting, I have seen that our businessmen and policymakers are very keen to do business with Germany.
“I want to ensure that our trade doors are open and that reforms are working very well WELL. We look forward to strengthening the relationship and building a rich and rewarding partnership between the two countries, people-to-people and intergovernmental facilitation of opportunities and prosperity.”
He highlighted Nigeria’s potential as a major gas producer and its abundant renewable energy resources, such as solar energy, which can be harnessed with German technology for rural electrification.
“While we are also promoting the possibility of alternative energy sources, we are proud to be one of the largest gas producers.
“What we need to do has been discussed and we need to strengthen the partnership to use energy as a source of supply and promote more value added in business opportunities for Nigeria and Germany. “We discussed,” Tinubu said.
On electricity, the Nigerian leader warned that although Siemens Energy is “working hard” to fulfill its part of the partnership, Nigerians should not expect a “magic answer” as the existing electrical infrastructure is decades.
“Nigeria, being a nation in a hurry, requires a magical answer. But remember, these transmission lines are about 50 to 60 years old.
“Problems are what we are trying to improve and reduce the possibility of problems. This is what we are doing. I signed a reform that decentralized the distribution and production of electricity in the country. Different states and sub-sectors and local authorities can generate their own electricity and distribute it.
