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Tinubu Woos Volkswagen, Others Back To Nigeria After Meeting German Chancellor, Others



ABUJA  – As world leaders wrap up ac­tivities at the G-20 summit in India, President Bola Ahmed Tinubu seized the sidelines of the summit to meet with the German Chancellor, Olaf Scholz, where he sold the eco­nomic prospects of Nigeria and why car manufacturing would be a money spinner for countries willing to invest.

In specific terms, Tinubu 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 of our country”.

Besides the German Chan­cellor, Tinubu also met with the Heads of State of three nations which have been identified as key partners in his economic development diplomacy drive for local investment and wealth cre­ation.

A statement by Tinubu’s media aide, Ajuri Ngelale on Sunday, regarding Europe’s largest economy, Germany, Tinubu said Nigeria presents a unique opportunity to ex­pand ties of prosperity for the people of Nigeria, but with a pragmatic approach toward ensuring the effective execu­tion of agreements struck.


Apparently intrigued by the specific economic focus of the president’s proposal, German Chancellor, Olaf Scholz, was said to have acknowledged the mutual­ly-beneficial nature of an escalation in the scale of economic ties with Africa’s largest economy.

“Thank you for this im­portant discussion, Mr. Pres­ident. I can appreciate this opportunity to advance our economic relations. Your market is unique and our companies have 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,” the German leader confided.

Following President Tinubu’s acceptance of the German Chancellor’s re­quest to visit, the president proceeded to sit down with the leader of Asia’s fourth largest economy, South Ko­rea, during which, South Korean President, Yoon Suk Yeol, commended the presi­dent’s regional leadership in upholding democratic tenets and norms.

“I wish to commend your strong leadership, follow­ing the peaceful transfer of power to you from your pre­decessor and we see a stable country in West Africa that is growing in stature,” he said.


Tinubu responded by swiftly steering the discus­sion toward his economic focus as he immediately advanced proposals for an enhanced South Korean presence in Nigeria’s local manufacturing sector.

“We will leave nothing hanging. We will finalise what we agree to and we will execute. We will work point by point with you to secure rapidly implementable MoUs across sectors of partnership that will involve the active presence of your biggest firms, not just in terms of Nigerian consumption, but in local Nigerian production, from telecommunications to technology, and oil & gas,” the Nigerian leader affirmed.

The South Korean pres­ident responded in agree­ment, noting specifically that Nigeria’s education, technology and energy sec­tors are of utmost interest to South Korean investors and that he will mobilise his business community to take advantage of new Nigerian incentives for local industry.

Offering an invitation to visit Nigeria, President Bola Tinubu would conclude for­mal discussions at the G-20 with the Asian giant and host nation, which had invited Ni­geria to the G-20 Summit, as he met with Indian Prime Minister, Narendra Modi.


“There are many lessons our nation can learn from the rapid progress that India has made under your leadership. We see fantastic opportunity between our nations across sectors, such as agricultural development, but specifical­ly, there is more we can do to advance ICT innovation and the emergence of Blue-Chip FinTech growth in Africa. Nigeria has the local players who can drive it from the front,” the Nigerian leader confidently asserted.

The hosting Head of State responded in the affirmative to the economic partner­ship proposal, even as he expressed gratitude for the Nigerian leader’s invitation to visit.

“Our teams must now stay close in touch to detail our priority areas of up­scaled cooperation with re­spect to agriculture, defence industries capacity building, and even FinTech growth. I see your commitment. We believe there are immense prospects for Nigeria in the UPI (Unified Payments Inter­face) and we will ensure that we come together and make progress on these fronts very rapidly,” the Indian leader concluded.

During the G-20 sideline meetings, President Tinubu also had substantive infor­mal exchanges of views with U.S. President Joe Biden; European Commission Pres­ident, Ursula von der Leyen; and World Bank President, Ajay Banga, among many others.