Tinubu Boasts In Germany:- ‘I Took Lagos From Zero To 5th Largest Economy In Africa’
Tinubu Boasts In Germany:- I Took Lagos From Zero To 5th Largest Economy In Africa
The president assured German investors that challenges hindering them from doing business with Nigeria are being actively addressed by his administration.
The deals were signed at the 10th German-Nigerian Business Forum in Berlin during which President Tinubu touted his transformation of Lagos as then governor of the state.
I governed Lagos for eight consecutive years. Today, I can proudly beat my chest that Lagos state is on the horizon and the fifth-largest economy in Africa, rising from ground zero.
Tinubu’s comments came as two important agreements were signed between Nigerian and German companies.
The first agreement, between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany, will see the supply of gas from Nigeria to Germany.
The second agreement, between Union Bank of Nigeria and DWS Group, will see $500 million worth of renewable energy projects invested in Nigeria.
Tinubu welcomed the new deals, assuring German businesses that with Nigeria’s stable political landscape, foreign investments into the country are secure.
He added, ”Nigerians voted for me for reforms, and from day one of my inauguration, I implemented the reforms. My inaugural speech did not disclose what I would do. I removed the fuel subsidy that is a great burden to Nigerians from the moment I stepped into office.
”You can rely on us; we can rely on you; both of us can chorus Hallelujah at the same time,” Tinubu was quoted by his media adviser, Ajuri Ngelale, as telling the German business community.
Ngelale quoted the CEO of Gas Invest, David Ige, who signed the agreement on gas supply as saying the Riverside LNG project aims to supply energy from Nigeria to Germany, thereby extinguishing about 50 million cubic feet per day of flared gas in Nigeria.
”The project will supply energy from Nigeria to Germany at 850,000 tonnes per annum, expanding to 1.2 million tonnes per annum.
”The first gas will leave Nigeria for Germany in 2026, and there will be further expansion. This will extinguish about 50 million cubic feet per day of flared gas in Nigeria and open alleyways of new and greater exports of gas to Germany,’’ he said.
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