President Bola Tinubu has called on the German government and businesses to invest in Nigeria’s energy and solid minerals sectors, highlighting these as key priorities for his administration.

This appeal was made during a meeting with German President Frank-Walter Steinmeier and his delegation at the State House on Wednesday.

Tinubu assured the delegation that his government is actively working to make these sectors attractive for investment by eliminating unnecessary bureaucratic hurdles and improving security conditions.

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According to a statement from the Presidency, “President Tinubu emphasized that unlocking the untapped potential of the energy sector is central to Nigeria’s development.” The President also directed key ministries, including Foreign Affairs, Solid Minerals, Power, and Industry, Trade and Investment, to collaborate closely with investors to drive progress in the energy sector.

“Nigeria is ready and open for business,” Tinubu affirmed. “You [Germany] have supported us in the energy sector, and we appreciate that. In alternative energy, we have an abundance of sunlight, and you have the technology. Our partnership can strengthen in every possible way.”

The President reiterated his administration’s commitment to industrialization by harnessing the country’s vast natural resources.

“We are targeting investment in natural gas and alternative energy. Our transformative agenda includes leveraging solid minerals, particularly lithium. Nigeria also has a vibrant, adaptable, and eager youth population. Many of our students trained in Germany are ready to contribute. We are seeking domestic and foreign investments that can spur economic growth while focusing on skill development.”

The Minister of Solid Minerals Development, Dele Alake, highlighted Germany’s €1 billion fund dedicated to diversifying renewable energy supply chains, noting that its terms could be tailored to accommodate Nigeria’s opportunities in the solid minerals sector.

Alake invited German companies to explore Nigeria’s rich deposits of critical minerals essential for energy transition, including cobalt, nickel, and lithium.

“Under the Renewed Hope Agenda of the President, we have restructured the sector by improving security, establishing new frameworks around solid minerals, and offering tax incentives and equipment waivers. We are creating avenues for joint ventures and partnerships,” Alake said.

The meeting was also attended by key government officials, including the 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.

Nigeria faces a significant energy poverty crisis, with nearly 71% of its population lacking reliable electricity access. The country generates approximately 5,000 megawatts of electricity, which is insufficient for its over 200 million citizens. Renewable energy remains underutilized in Nigeria, contributing less than 21% of the total electricity capacity in 2023, according to Statista
The solid minerals sector is hindered by issues like illegal mining, inadequate infrastructure, unclear land regulations, low investment levels, smuggling, and insecurity.

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The Abuja Post