President Bola Tinubu has called on the German government and companies to invest in Nigeria’s energy and solid minerals sectors, emphasizing that his administration is prioritizing these areas for economic development. During a meeting with a delegation led by German President Frank-Walter Steinmeier at the State House on Wednesday, President Tinubu assured that his government is working to make these sectors more attractive to investors by addressing administrative obstacles and improving security.
In a statement issued by the Presidency, President Tinubu reaffirmed that unlocking the full potential of the energy sector is central to Nigeria’s development. He highlighted the country’s rich natural resources, including solar energy, and the importance of developing alternative energy sources alongside conventional methods. The President pointed out that Nigeria has significant deposits of solid minerals, such as lithium, and emphasized the need to enhance the industrialization of the nation by tapping into these resources.
“I am saying again that Nigeria is ready and open for business,” President Tinubu stated, noting that Germany has long been a partner in Nigeria’s energy sector. He stressed the importance of continued collaboration, particularly in alternative energy and gas, as part of Nigeria’s broader transformation agenda.
The President further underscored Nigeria’s potential in solid minerals, pointing out that the country’s vast reserves, combined with a youthful and eager-to-learn population, present significant opportunities for investment. He also emphasized the need for skill development and domestic investment to drive growth in the economy.
Dele Alake, Nigeria’s Minister of Solid Minerals Development, highlighted that Germany has a €1 billion fund aimed at diversifying the renewable energy supply chain, and modifying conditions could allow this fund to be used in Nigeria’s solid minerals sector. He urged German companies to explore critical minerals such as cobalt, nickel, and lithium, which are abundant in Nigeria and essential for energy transition technologies.
Alake also assured German companies that the Nigerian government, under President Tinubu’s “Renewed Hope Agenda,” has improved the business environment by enhancing security, introducing tax incentives, and offering opportunities for joint ventures.
The meeting was attended by several Nigerian ministers, including Wale Edun, Minister of Finance and Coordinating Minister of the Economy; Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment; and Adebayo Adelabu, Minister of Power.
Despite Nigeria’s vast natural resources, the country faces significant challenges, including energy poverty, with nearly 71% of the population lacking reliable access to electricity. Additionally, the energy sector generates only around 5,000 megawatts, far below the demand of its over 200 million citizens. The solid minerals sector also contends with issues like illegal mining, inadequate infrastructure, and insecurity, which have hindered its growth.
President Tinubu’s push for increased investment in these sectors aims to not only address these challenges but also create long-term opportunities for economic growth and industrialization.
