German Chancellor Olaf Scholz has expressed interest in investing in Nigeria’s solid minerals sector, which he described as the country’s next economic powerhouse. Scholz, on a two-day visit to Nigeria, said that Germany was looking for ways to diversify its energy sources and reduce its dependence on fossil fuels.
Scholz made these remarks at the opening of the Nigeria-German Business Conference in Lagos on Sunday, where he was accompanied by a delegation of high-ranking German business people, including CEOs of some of the largest German companies. He said that Germany was impressed by the potential of Nigeria’s solid minerals sector, which has over 44 priced minerals valued at over $700 billion.
He said that Germany was ready to partner with Nigeria to develop the sector, not only by extracting the minerals but also by adding value to them through processing and manufacturing. He said this would create jobs, boost income, and enhance the well-being of Nigerians.
Scholz also commended President Bola Ahmed Tinubu for his vision and leadership in transforming Nigeria into a prosperous and stable democracy. He said that Germany was proud to be a friend and partner of Nigeria and that both countries shared common values and interests.
He said that Germany supported Nigeria’s aspiration to join the G20 group of the world’s major economies and would work with Nigeria to address global challenges such as climate change, security, and development.
Scholz’s visit to Nigeria is part of his three-day tour of West Africa, including Ghana and Senegal. It is the first visit of a German head of government to Nigeria since the inauguration of Tinubu’s administration in May 2023.
The visit is expected to strengthen the bilateral relations between Germany and Nigeria, which have spanned over 60 years. It is also expected to open new opportunities for trade and investment between the two countries, especially in the solid minerals sector, which has been identified as a key driver of Nigeria’s economic diversification agenda.
According to the Nigerian Extractive Industries Transparency Initiative (NEITI), Nigeria generated N814.59 billion from the solid minerals sector between 2007 and 2021. However, this represents only a fraction of the sector’s potential contribution to the nation’s gross domestic product (GDP).
The Federal Government has been revamping the sector through policy initiatives and programs to improve data generation, attract investment, ensure transparency and accountability, and foster public awareness and education.
The visit of Chancellor Scholz to Nigeria is a sign of confidence and recognition of the progress made by the Nigerian government in developing the solid minerals sector. It is also an opportunity for both countries to explore new areas of cooperation and partnership that will benefit their people and the world at large.
Source: Nairametrics
