Tinubu Heads to Germany for G20 ‘Compact with Africa’ Conference

*Says it’s avenue to sustain momentum for foreign direct investment in Nigeria 

*Energy, trade, investment top agenda

Deji Elumoye in Abuja

President Bola Tinubu will today depart Abuja for Berlin, Germany, to attend the G20 Compact with Africa (CwA) Conference, being hosted by German Chancellor Olaf Scholz, which kicks off on Monday.
“The G20 CwA Conference will be taking place alongside the Fourth G20 Investment Summit, co-hosted by the German government and German business associations,” a statement signed by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, said yesterday.

In the statement titled, “President Tinubu attends G20 ‘Compact with Africa’ conference in Berlin as energy, trade, and investment top agenda,” Ngelale noted that the President will use the forum to sustain his momentum in advancing the cause for foreign direct investment in Nigeria, “as he leads the country’s delegation to participate in the investment summit.”

The statement adds: “During the conference, Tinubu will join other Heads of State and Governments of CwA member countries, bilateral partners, as well as Heads of International Organisations to deliberate on the immediate enhancement of economic and business cooperation to outline concrete measures to boost investments in critical areas such as energy, trade, infrastructure, and new technologies, among others.

“The visit is also President Tinubu’s commitment to diplomatic reciprocity as the invitation to Germany from the German Chancellor is being honoured following the visit of the German Chancellor to Abuja and Lagos, Nigeria, from October 29 to October 30, 2023.
“The Nigerian delegation will follow up on productive meetings previously conducted with high-ranking representatives from German business organisations who were part of the official delegation of the German Chancellor to Nigeria.

“In his discussions with Chancellor Scholz in October, President Tinubu highlighted the imminent need for more German companies to invest in the Nigerian market across multiple sectors of the Nigerian economy, such as transportation, mining, and energy, while noting that Nigeria remains Germany’s second-largest trading partner in Africa.

“Nigeria and Germany, being the largest economies in Africa and Europe, respectively, recorded an increase in bilateral trade volume from two to three billion Euros between 2021 and 2022.”
The President will be accompanied by the Minister of Foreign Affairs, Yusuf Tuggar; the Coordinating Minister of the Economy and Minister of Finance, Mr Wale Edun; the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite; and the Minister of Power, Adebayo Adelabu.
Germany has become President Tinubu’s 10th foreign destination since assuming office about six months ago.
So far, he has visited France (twice), London, Guinea-Bissau (twice), Kenya, Benin Republic, India, the United Arab Emirates, the United States of America, and Saudi Arabia.