Nigerian President Bola Tinubu is conducting an open-door policy to attract foreign investors from around the world, a spokesperson, Ajuri Ngelale, has said.
Ngalale believes Tinubu’s approach is one that can help Nigeria woo more investors into the country.
It comes after the African giant secured a $500 million renewable energy deal with another German company, DWS Group, to supply funding for renewable energy projects in Nigeria, especially in rural areas.
Speaking to Lagos-based Channels television about the president’s drive for foreign investments, Ngelale touted President Tinubu’s hands-on approach with international investors and corporations as a key drawcard.
“He is personally conducting an open-door policy to investors from around the world, including here in Germany, to ensure that they have direct access to all of the regulators and government officials that will further enhance the environment in which foreign direct investments will be coming into the country,” Ngelale said.
This week, Tinubu attended the G20 Compact with Africa Summit in Berlin, which experts say is an avenue for African countries to expand their economies through investments and trade.
In showcasing Nigeria as an attractive destination for foreign capital, Tinubu has engaged high-level figures from the United States, the United Kingdom, France, Germany, and other nations. Meetings have emphasised Nigeria’s strengths and potential for companies willing to invest in the market long-term.
The $500 million DWS Group deal exemplifies the success of this strategy in building international confidence in the Nigerian economy under Tinubu’s leadership. Officials now hope further big-ticket investments will follow.
Emeka Okengwu, an economic analyst, said the investments are important.
“There’s no way $500 million can be wished away. It’s a big deal and should be celebrated,” Okengwu said. “Of course, it’s going to be creating jobs. The base of our productivity is energy. If we have energy, more industries will work, people can produce more, people can get jobs.”
He cautioned, however, “It is one thing to sign paper, and it is another thing to get the deal off the ground.”
Nigerian officials are also seeking investments in the electricity and rail transport sectors.
