President Bola Tinubu has embarked on a diplomatic mission aimed at boosting economic partnerships between Nigeria and key global players, including Germany, South Korea, and India.
The president’s spokesperson, Ajuri Ngelale, released a statement confirming Tinubu’s meetings with these world leaders during the sidelines of the G20 summit hosted in New Delhi.
Tinubu’s attendance at the G20 summit marked a historic moment as he was the first head of state to arrive in New Delhi, India, following a special invitation extended by Indian Prime Minister Narendra Modi. Remarkably, the African Union (AU) was also invited to join the group of 20 top global economies, underscoring the continent’s growing importance on the world stage.
During his conversation with German Chancellor Olaf Scholz at the summit, President Tinubu emphasized his administration’s commitment to designing a robust financial architecture aimed at expanding economic collaboration with Germany. The president noted that Nigeria is actively shaping its economic policies to align with major manufacturers like Volkswagen, a renowned German company.
“It is not merely a matter of designing a financial architecture for an expanded economic partnership,” President Tinubu stated. “It is also about aligning the perspectives of large-scale manufacturers, such as Volkswagen and others, with the new incentives my government is putting in place for them to thrive across multiple value chains and sectors within our country.”
In response, Chancellor Scholz praised the “business-friendly” policies initiated by President Tinubu and acknowledged the historical economic ties between Nigeria and Germany.
Chancellor Scholz also expressed his intention to visit Nigeria in October, stating, “Your market is unique, and our companies have a longstanding presence in Nigeria. We appreciate the business-friendly reforms you have implemented, and I look forward to advancing our economic relations during my visit.”
In his discussions with South Korean President Yoon Suk Yeol, President Tinubu underscored the importance of partnerships in various sectors, including production, telecommunications, technology, and oil and gas.
Tinubu affirmed, “We will finalize our agreements and execute them diligently. We will work closely to secure rapidly implementable Memorandums of Understanding (MoUs) that involve the active participation of South Korea’s leading firms.”
President Tinubu’s conversation with Indian Prime Minister Narendra Modi was marked by mutual appreciation for the remarkable development in India under Modi’s leadership. Tinubu expressed the belief that Nigeria could learn valuable lessons from India’s rapid progress and highlighted opportunities for cooperation in agriculture, ICT innovation, and the growth of Blue-Chip FinTech in Africa.
Prime Minister Modi responded by emphasizing the need for both countries to work closely together to detail priority areas for expanded cooperation.
He expressed keen interest in Nigeria’s potential within the Unified Payments Interface (UPI) and committed to swift progress in these domains. “We believe there are immense prospects for Nigeria in the UPI, and we will ensure that we make rapid progress on these fronts,” Prime Minister Modi stated.
Apart from these crucial discussions, President Tinubu also engaged with other world leaders at the G20 summit, including U.S. President Joe Biden, President of the European Commission Ursula Von Der Leyen, and President of the World Bank Ajay Banga, to explore avenues for enhancing Nigeria’s economic partnerships on a global scale.
President Tinubu’s proactive efforts at the G20 summit exemplify Nigeria’s commitment to fostering international collaboration and attracting vital investments to drive economic growth and development within the nation. As these discussions progress, the world awaits the tangible outcomes of these promising dialogues.
