Tinubu departs Nigeria for G20 ‘Compact with Africa’ conference
Published By: Ayorinde Oluokun
President Bola Tinubu will depart Nigeria for Berlin, Germany, on Saturday where he will participate in the G20 Compact with Africa (CwA) Conference and the Fourth G20 Investment Summit, co-hosted by the German government and German business associations.
The conference which will be held on November 20, 2023, will be hosted by German Chancellor Olaf Scholz while the Fourth G20 Investment Summit which will hold alongside it will be co-hosted by the German government and German business associations.
Presidential spokesperson, Ajuri Ngelale said in a statement on Friday that during the conference Tinubu will join other Heads of State and Government of CwA member countries, bilateral partners, as well as Heads of International Organizations to deliberate on the immediate enhancement of economic and business cooperation with a view to outlining concrete measures to boost investments in critical areas such as energy, trade, infrastructure, and new technologies, among others.
“In view of President Bola Tinubu’s globally recognized drive for foreign direct investment in Nigeria, the President will sustain the momentum and advance the mission further as he leads Nigeria’s delegation to participate in the investment summit.
“This visit also affirms 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.
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“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,” Ngelale said in the statement.
The President will be accompanied by the Minister of Foreign Affairs, Amb. Yusuf Tuggar; the Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun; the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite; and the Minister of Power, Chief Adebayo Adelabu.
President Tinubu will return to the country following the conclusion of the conference.