President Bola Tinubu has urged German companies and the government to invest in Nigeria’s energy and solid minerals sectors, highlighting his administration’s emphasis on these industries. He made this appeal during a meeting with a German delegation led by President Frank-Walter Steinmeier at the State House on Wednesday.
Tinubu reassures the group that his administration is reducing administrative obstacles and improving security in an effort to establish a business-friendly environment. He emphasises how crucial it is to realise the potential of the energy sector for Nigeria’s growth.
In a statement from the Presidency, President Tinubu emphasizes that Nigeria is open for business and committed to boosting its industrial capacity by tapping into the country’s natural resources. He also underscores the potential for collaboration in renewable energy, pointing out that Nigeria’s abundant solar resources, combined with Germany’s advanced technology, offer significant opportunities for growth.
The President stresses the need to develop alternative energy sources, leveraging Nigeria’s vast solid mineral deposits, including lithium. He states, “We are investing in gas and alternative energy, with a focus on natural gas. Our youth population is dynamic, eager to learn, and we seek domestic investments that will drive economic growth and skill development.”
Minister of Solid Minerals Development, Dele Alake, notes that Germany has a one billion Euro fund dedicated to diversifying the renewable energy supply chain, which could be used to support Nigeria’s solid minerals sector. Alake urges German companies to explore critical minerals such as cobalt, nickel, and lithium, which are abundant in Nigeria and essential for the energy transition.
Alake adds that under President Tinubu’s Renewed Hope Agenda, the Nigerian government has improved security, introduced tax incentives, and created opportunities for joint ventures in the solid minerals sector.
Other key officials present during the meeting include Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; and Minister of Power, Adebayo Adelabu.
Given that 71% of Nigerians do not have consistent access to electricity, the country confronts serious energy difficulties. About 5,000 megawatts of electricity are now generated in the nation, which is insufficient for its 200 million+ residents. Less than 21% of Nigeria’s total electrical capacity comes from renewable sources. In addition, problems including illicit mining, poor infrastructure, and insecurity impede the solid minerals industry.
