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Nigeria’s Tax reforms are Trade friendly _ Tinubu tells German president
President Bola Tinubu has assured German businesses of Nigeria’s commitment to implementing policies that facilitate investments in renewable energy and industrial development. During a visit by German President Frank-Walter Steinmeier to the Presidential Villa in Abuja on Wednesday, Tinubu emphasized Nigeria’s tax reforms aimed at creating a business-friendly environment to attract foreign investments. These reforms include import duty waivers for machinery, decentralization of power generation, and ongoing foreign exchange reforms.
Tinubu highlighted the country’s “open-door policy” designed to ease business entry and exit, remove bureaucratic barriers, and offer incentives for private sector growth. He also emphasized the alignment of Nigeria’s petroleum industry with global standards.
The leaders also discussed enhancing bilateral relations, particularly through people-to-people engagement, with Steinmeier’s visit reflecting Germany’s interest in strengthening ties with Nigeria, Africa’s largest economy.
READ ALSO: National grid collapses 12 times in 12 months
Tinubu further emphasized Nigeria’s potential in energy, particularly as a major gas producer, and its ability to harness renewable resources like solar power. He noted the importance of using German technology for rural electrification and alternative energy solutions.
Acknowledging Germany’s efforts, particularly Siemens Energy’s contribution to Nigeria’s power sector, Tinubu cautioned against expecting quick results, as much of the country’s power infrastructure is outdated. He reiterated that efforts are underway to improve transmission lines and decentralize power generation.
Tinubu also underscored the importance of advancing alternative energy solutions, citing Germany’s technology and Nigeria’s abundant sunlight as a valuable partnership for rural electrification. Additionally, he expressed plans to better utilize the country’s underutilized dams to benefit the population.
His comments come amidst Nigeria’s 12th national grid collapse in 2024, underscoring the need for urgent power sector reforms. Tinubu also emphasized the significance of youth training, solid minerals development, and industrial partnerships to boost Nigeria’s economy. He highlighted the potential of the country’s vibrant youth population and the role of German expertise in further energizing this talent.
