On November 20, 2023, German Chancellor Olaf Scholz will host the G20 Compact with Africa (CwA) Conference, which President Bola Tinubu will attend after leaving Abuja on Saturday.
President Tinubu will discuss the immediate improvement of economic and business cooperation with other heads of state and government of CwA member states, bilateral partners, and heads of international organizations during the conference. The goal is to outline specific steps to increase investments in vital sectors like energy, trade, infrastructure, and new technologies, among others.
Ajuri Ngelale, the presidential spokesman, announced that the Fourth G20 Investment Summit, which is being co-hosted by German business associations and the German government, will coincide with the G20 CwA Conference.
He stated that as he leads Nigeria's delegation to the investment summit, President Bola Tinubu will maintain the momentum and further the mission in light of his widely acknowledged push for foreign direct investment in Nigeria.
Ngelale said “This visit also affirmed President Tinubu’s commitment to diplomatic reciprocity as the invitation to Germany from the German Chancellor is being honoured following the visit of the German Chancellor to Abuja and Lagos, Nigeria, from October 29 to October 30, 2023.
“Leveraging on the opportunity presented by the Fourth G20 Investment Summit, the Nigerian delegation will follow up on productive meetings previously conducted with high-ranking representatives from German business organizations who were part of the official delegation of the German Chancellor to Nigeria.
“In his discussions with Chancellor Scholz in October, President Tinubu highlighted the imminent need for more German companies to invest in the Nigerian market across multiple sectors of the Nigerian economy, such as transportation, mining, and energy, all while noting that Nigeria remains Germany’s second-largest trading partner in Africa.
“Nigeria and Germany, being the largest economies in Africa and Europe, respectively, recorded an increase in bilateral trade volume from two to three billion Euros between 2021 and 2022.
The President will be accompanied by the Minister of Foreign Affairs, Amb. Yusuf Tuggar; the Coordinating Minister of the Economy and Minister of Finance, Wale Edun; the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite; and the Minister of Power, Chief Adebayo Adelabu.
At the end of the conference, President Tinubu will return to the country.