TheCable

Olaf Scholz, German chancellor, says a major aspect of cooperation between Germany and Nigeria is economic development.

He spoke during bilateral talks with President Bola Tinubu on Sunday at the presidential villa in Abuja. 

Scholz said Germany will enter into future partnerships with Nigeria in the minerals and hydrocarbon.

He said the country will keep promoting economic cooperation and take advantage of Nigeria’s business potential.

“One of the main aspects for cooperation will be developing the economy and using the economic opportunities of your country,” he said. 

“As you already said, there are a lot of chances not just from gas and oil, which is traditionally linked to your country. 

“But there’s a lot of room for improvement and for better using the capacities of your country, but also for going into investments for the future, which is about hydrogen and all the things that are important for an economy that is able to produce all the necessary goods for the people without harming the environment.

“It is also important that we use the way of developing your economy in the fields of the minerals you have. I think that the investments into this structure must be easy, but also beneficial for your country.”

Speaking at the government-to-business roundtable, Tinubu said his administration understands what a typical business environment entails, hence the recent policy reforms and policy adjustments in the country.

He said the present administration has implemented tax reforms to free the system of multiple taxations, preserve foreign investments, and increase returns.

Tinubu said his administration recognises the challenges of delayed and conflicting investments.

“Nigeria has gone through a lot of reforms, yet we cannot be 100% sure everything goes smoothly,” he said. 

“Some of you might not be here while we were discussing the rule of law, I know…for businesses, particularly investors, because I’ve been in that environment before, I am from that constituency. 

“I was once a Treasurer ExxonMobil in Nigeria, so I can understand the pain and delays of investment, I can understand the pain and delays of conflict in any business partnership and you cannot remove conflicts from the process, but you can minimise it.” 

Tinubu said how well investors’ investments are protected is very important.

“Investment is cowardly, it doesn’t like delays and conflicts, it will run away, we understand that. Equally, time management, to promote efficiency and smooth operation under the rule of law is crucially important,” he said.

“We are reforming our economic and business environment to promote efficiency. You might have read or been aware that we have removed oil subsidy, we’re going through tax reforms to eliminate double taxation and give you better returns on investments and there are principles that will ensure your investments grows well and is protected.

“We definitely welcome you to the collaboration, we’re happy this is happening to us. I believe that my friend will add more to the value of Nigeria’s environment.”

Tinubu said the country will promote efficiency and ease of doing business and remove all conflict areas.