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President Bola Tinubu vows to reform economic environment in bilateral meeting with German Chancellor

President Bola Tinubu affirmed his commitment to reforming Nigeria’s economic and business environment to enhance efficiency. He made this declaration during a bilateral meeting with the Chancellor of the Federal Republic of Germany, Olaf Scholz, and his delegation at the Presidential Villa in Abuja on Sunday.

Tinubu and Chancellor Scholz held three separate meetings before addressing a joint press briefing. The Nigerian leader highlighted the potential of the country’s gas reserves and improvements in the investment environment, particularly in the field of liquid natural gas.

President Tinubu expressed his administration’s dedication to reforming the nation’s business environment and promoting efficiency, stating, “We are going through several reforms.” He emphasized the removal of the oil subsidy and ongoing tax reforms to eliminate double taxation, ultimately providing better returns on investments.

Furthermore, he underscored the principles guiding investment growth and protection, stating, “We definitely welcome you to the collaboration; we’re happy this is happening to us.”


On the issue of Nigerians unable to make Germany’s asylum provision and at risk of deportation, President Tinubu extended a warm welcome to those who wished to return home. He revealed that both countries were working on regularizing the stay of “economic refugees” and expressed readiness to improve the migration situation.

Chancellor Scholz echoed the importance of regular pathways for migrants in Germany, acknowledging the need for talent and hardworking individuals. He emphasized cooperation and addressing the situation for those who do not have the right to stay.

Scholz also lamented the current state of mineral extraction in Nigeria, noting that minerals were often extracted and sent to other countries rather than contributing to Nigeria’s development. He stressed the need for investments that not only facilitate extraction but also benefit the country’s economic development.

In addition, Scholz emphasized the importance of infrastructure, including electricity grids, to ensure that the energy produced reaches the people. He highlighted the significance of developing Nigeria’s economy in this field, underscoring the potential for positive change in the global context.


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