Tinubu and German chancellor Scholz agree on the need to boost investment in Nigeria

PRESIDENT Bola Tinubu and the German chancellor have agreed to explore new incentives for foreign investment in Nigeria pointing out that it is in the interest of both nations for Germany's investors to exploit new opportunities.

Currently at the G20 summit in New Delhi, India, President Tinubu is seeking to woo investors into Nigeria. On the sidelines of the summit, Presi9dent Tinubu met with  German Chancellor Olaf Scholz where the two of them agreed on the need to boost Nigeria’s car manufacturing sector.

Ajuri Ngelale, President Tinubu's spokesman, noted that expanding Nigeria’s economic partnership is vital to his administration. He added that during the meeting, President Tinubu called on the German government to explore new incentives for foreign investments in Nigeria.

Mr Ngelale said: “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 our country.”

Chancellor Olaf Scholz acknowledged the mutually beneficial nature of an escalation in the scale of economic ties with Nigeria. He added: “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. 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.”