After sealing $14.5billion investment deals with some Indian concerns, President Bola Tinubu, has set his eyes on more inroads into foreign economies with three countries – Germany, South Korea and Indian governments coming into immediate the picture.
Ajuri Ngelale, spokesman to the President, while naming the countries as key partners to his economic development to invest in Nigeria, said in a statement that Tinubu, who was in India, a clear four days, met their leaders on the sideline of the G20 summit taking place in New Delhi, the capital of the Asian nation.
Though Nigeria is not a member of the powerful body, Tinubu’s participation, though peripherally, in which he is also to parley with Joe Biden, the US President, is on the invitation of Narendra Modi, the prime minister of India.
Tinubu was quoted as telling Olaf Scholz, the German chancellor, at the summit, that his administration was designing a financial architecture for an expanded economic partnership with a nation like his, as well as orchestrating its economic policies to align with large-scale manufacturers like Volkswagen, a German company.
“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.”
Scholz, in his reply, was said to have acknowledged the “business friendly” policies of the President adding that Nigeria and Germany shared economic history.
Promising to visit the president in Nigeria in October, he reportedly told his Nigerian counterpart: “Thank you for this important discussion, Mr. President. I appreciate this opportunity to advance our economic relations. Your market is unique and our companies have a 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.”
To Yoon Suk Yeol, the South Korea President, Tinubu was said to have stressed the need for partnership in the areas of production, telecommunications, technology and oil and gas, adding: “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.”
Tinubu, said to have praised Modi profusely for the tremendous development he had made in India as the Prime Minister, he said: “There are many lessons our nation can learn from the rapid progress of India. 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.”
On his part, the Indian leader, stressed the need for the economic teams of both countries to stay closely in touch to detail priority areas of upscaled cooperation with respect to agriculture, defence, industries, capacity building, and even FinTech growth, adding: “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.”
Apart from these three leaders, Tinubu also had discussions with U.S. President Joe Biden; Ursula Von Der Leyen, President of the European Commission (EC); and Ajay Banga, the president of the World Bank.