Tinubu seeks German investment in electricity, rail transport, other vital sectors

President Bola Tinubu has requested German investment in critical Nigerian economic sectors such as power and rail transport.

Tinubu made the proposal during a meeting with German Chancellor Olaf Scholz on Monday in Berlin, outside the G20 Compact with Africa Economic Conference, according to a statement provided by the president’s spokesperson, Ajuri Ngelale.

According to the President, significant growth-enabling firms in transportation, energy, and electric power generation, transmission, and distribution necessitate German investment.

The President stated that the unequal and intermittent implementation of the Presidential Power Initiative, which is supported by Siemens, should be given fresh impetus.

“For me, I am very much committed to pursuing all aspects of the Siemens power project and the skill development opportunities that will emerge from that project for our talented youths who can participate in sustaining the industry,” Tinubu said.

He added that Siemens can contribute to Nigeria’s rail network by supplying cutting-edge trains and railroads, just as it is doing in Egypt, where it is building a 2,000 km ultra-high-speed rail network spanning 60 towns.

The German Chancellor, Mr Olaf Scholz said that he was prepared for this but that in order to move forward, financial and administrative obstacles resulting from the sector’s governance issues needed to be addressed.

Tinubu brought up the issue of value-added processing in Nigeria’s solid minerals, agriculture, automotive industry, and other job-generating sectors to the German leader’s notice.