German Chancellor, Olaf Scholz, has announced that Germany will enter into future partnerships with Nigeria to invest in critical minerals and natural gas, with a focus on facilitating private investment and economic development.
Announced during a joint briefing with Nigeria’s President, Bola Tinubu, in Abuja on October 29, Chancellor Scholz welcomed the West African country’s efforts to expand its liquefied natural gas capacity, while highlighting Germany’s readiness to invest in critical minerals.
“There is a willingness to invest, especially in critical minerals,” Chancellor Scholz stated, adding, “If we are successful, if there is a better chance of exporting the produced gas, it is then the question of German companies to do their private business.”
Chancellor Scholz also made note of the willingness of German companies to participate in Nigeria’s railway sector, which is currently dominated by Chinese companies.
For his part, President Tinubu encouraged German businesses to invest in Nigerian pipelines. The President also highlighted Nigeria’s efforts to attract investors to its mining sector, which boasts over 40 different types of commercially viable minerals worth an estimated $700 billion.