German Chancellor Olaf Scholz has said that investment in Nigeria’s solid mineral sector should go beyond just extraction and involve value addition in the country of origin of the minerals.
Chancellor Scholz stated this during a joint press briefing with President Bola Tinubu after an extensive meeting with Nigeria’s President and his team.
- He said, “It is also important that we use the way of developing your economy in the fields of the minerals you have. I think that the investments into this structure must be easy, but also beneficial for your country.”
- “It is something that bothered me a lot in the past that sometimes it was just about extraction, which is not enough. There should be one bit more for making it feasible that some parts of the economic development can be used in the countries of origin.”
Nigeria is seeking to boost the contribution of the mining industry to GDP which lags at around 1%.
The current minister of solid minerals has hinted at establishing a solid mineral corporation and ensuring that foreign investors provide proof of processing solid minerals as part of the requirements to get a license.
Design a win-win situation for migration
On migration, Germany proposed a collaborative management approach to address migration challenges aimed at a win-win situation for both Germany and Nigeria.
He said there is a need for those with the right talent to come and work in Germany.
- In his words, “The first is yes, there is a need in Germany for people that have talent and that want to work in our country in a way which is a regular path for migrants. We are working intensely in this field and we want to make more progress and get things agreed upon in detail.”
- “The second is that part of this is also an agreement that those who do have not the right to stay in my country can go back and should go back and this is part of something that is a win-win story for the two countries and in this sense, we had a debate and I think we will fix it very soon”
Investment in rail infrastructure
Scholz noted that there is a willingness of German companies to invest in Nigerian infrastructure projects, particularly in the railway sector.
- He said, “On the railway sector, we have not gone into the details but I can assure you there is the willingness to increase partnership all over the globe”
Addressing the Government-to-Business Roundtable, President Tinubu assured the attendees that his administration is well-versed in the attributes of an ideal business environment.
This understanding has driven the series of reforms and policy adjustments the nation has witnessed in recent times.
