President Bola Tinubu met with German Federal Chancellor, Olaf Scholz, where he discussed Nigeria’s determination to pursue German investment in the power and rail sector, among others.  

The President met with Scholz on the sidelines of the G20 Compact with Africa Economic Conference on Monday.  

He noted that his administration is eager to partner with German companies, such as Siemens AG, in reforming the power sector of Nigeria.  

Recall that former President Buhari established in 2018 Siemens-backed Presidential Power Initiative (PPI) as an attempt to resolve the lingering challenges in the power sector and to expand the capacity for future power needs.  

Siemens Energy was expected to facilitate financing for the project through the German Export Credit Agency (Euler Hermes AG), other ECA’s, and other financing Agencies. 

However, President Tinubu noted that there is a need for a review of the initiative to ensure the speedy execution of targeted projects in the power sector.  

Noting Siemens AG’s positive impact on the quantity and quality of Egypt’s electric power supply, the President declared that, with his leadership, the implementation of the PPI would now proceed with increased urgency and a more deliberate approach to project execution.  

• “For me, I am very much committed to pursuing all aspects of the Siemens Power project and the skill development opportunities that will emerge from that project for our talented youths who can participate in sustaining the industry,” the President told Scholz.  

What Germany is saying 

On his part, the Federal Chancellor of Germany, Olaf Scholz, signalled a willingness to address administrative and financial challenges in the sector, recognizing the governance issues inherited from the previous administration. 

• “I know that there is a lot of work that has been done. There is already a big production of electricity in Nigeria, but it is not getting to the population. Of course, this has to do with the need for a provision of stations and infrastructure on the grid.
• “Siemens has developed the plan and is ready to deepen implementation, but it is now up to your new government to take the follow-up action that you are now committed to taking. On the railway plans, Siemens will be very happy to do this when more progress is made on the power project which has been started already,” he said.  

Speaking on the investment in the rail sector, Scholz said Nigeria can replicate the success of China, noting that the country shared similar opportunities and conditions with the Asia country.  

• “There is nothing too unique about the growth of China. It came down to a lot of investment from overseas that leveraged cheap and skilled labour with adequate internal infrastructure and shipping infrastructure for imports and exports to flow easily. These things are possible in Nigeria. You even have abundant natural resources. Step by step, it is achievable, Mr. President,” he added.  

What you should know 

Germany has shown a great willingness to invest in Nigeria with its Chancellor, Olaf Scholz, visiting the country earlier in October.  

During his visit, Scholz noted Nigeria’s huge capacity for Liquefied Natural Gas (LNG) production. He also pledged to invest in the county’s mineral resources as well as the rail sector.  

Given the Israel-Hamas conflict as well as the crisis fuelled by the Russian war on Ukraine, Western European countries have increasingly begun to turn to Africa for their energy sustenance. Nigeria has one of the highest oil reserves in the world, creating an opportunity for both countries to deepen their investment ties. 

[Nairametrics]

The removal of subsidies increased revenue inflow into the Federation Account from an average of N650 billion per month to over N1 trillion over the last four months, according to Minister of Finance and Coordinating Minister of Economy, Wale Edun.

Making this disclosure at a four-day retreat held in Asaba, Delta state capital, Edun said that the economic reforms that the President Bola Tinubu-led administration had undertaken since its inception clearly outlined the right steps towards the transformation of the country’s economy.

Mr Edun’s statement was read by the ministry’s Permanent Secretary, Mr. Okokon Udo.

“The economic reforms which this administration has undertaken since its inception in May, 2023 clearly outlined right steps to transformation of the country’s economy.In less than six months of the administration, we have witnessed the introduction of important reforms, such as petroleum subsidy removal, fiscal and monetary policies reforms aimed at removing multiple taxation among others,” he said.

“The Federation Account in particular is witnessing improved revenue inflow since the removal of subsidy from an average of N650 billion monthly to over N1 trillion in the last four months.The government had for long realised that petroleum subsidy is not sustainable given it erodes revenues that should have been available to fund viable expenditures that are critical to wellbeing of the populace,” he added.

He claimed that two of Tinubu’s administration’s main goals are to reach the 22 percent tax revenue to GDP target and the 18 percent tax to GDP target by 2026.

Naija News recalls that President Tinubu had on assumption of office immediately removed fuel subsidy and floated the country’s currency.

South Africa will Tuesday host a virtual summit of the BRICS group of nations, including Russian President Vladimir Putin, to discuss the Israel-Hamas war, Pretoria and Moscow said Monday.

The BRICS — Brazil, Russia, India, China and South Africa — are a group of major emerging economies seeking to reshape the US and Western-led global order.

Tuesday’s “Extraordinary Joint Meeting on the Middle East Situation in Gaza” will be hosted by South African President Cyril Ramaphosa in the hope of drawing up a common response to the more than six-week conflict.

Leaders from Saudi Arabia, Argentina, Egypt, Ethiopia, Iran and the United Arab Emirates — who are all due to join the BRICS group in January 2024 — will attend the meeting.

UN Secretary-General Antonio Guterres will also participate, the South African presidency said in a statement.

It added that all five BRICS heads of state will join the virtual summit, after which a joint statement with particular reference to Gaza is expected.

Fighting is raging in Gaza after a shock Hamas attack on Israel on October 7 killed about 1,200 people, mostly civilians, with around 240 people taken hostage, according to Israeli officials.

In Gaza, around 13,300 people, more than 5,500 of them children, have been killed in the retaliatory air and ground offensive, officials in the Hamas-run territory have said.

South Africa has long been a vocal supporter of the Palestinian cause, with the ruling African National Congress (ANC) party often linking it to its own struggle against apartheid.

The ANC said last Thursday that it would support a parliamentary motion to suspend diplomatic relations with Israel until it agrees to a ceasefire in Gaza, decrying the “genocidal actions of the Israeli regime”.

On Friday, South Africa joined four other nations in calling for an International Criminal Court investigation into the Israel-Hamas war.

China has historically been sympathetic to the Palestinians and supportive of a two-state solution to the Israeli-Palestinian conflict.

Beijing has been calling for an immediate ceasefire since the start of the war last month.

Russian President Vladimir Putin has accused the West of stoking tensions in the Middle East, and criticised Israel for its conduct in the conflict.

Putin skipped the last BRICS annual summit in Johannesburg as he is the target of an International Criminal Court arrest warrant — a provision that South Africa as an ICC member would be expected to implement if he were to set foot in the country

The Enugu State Governor Peter Mbah has assured that his administration would continue to train at least 40,000 youths across the state on relevant digital and entrepreneurial skills that would enable them to compete in the global digital and entrepreneurial markets.

The governor gave this assurance while delivering a keynote address at the Enugu Tech and Entrepreneurship with the theme, “Innovation Unleashed: Transforming Enugu’s Future”.

“We want them to embrace the emerging future of robotics, artificial intelligence, augmented reality, virtual reality, and disruptive innovation through skills in information and technology,” he said on Sunday.

“Our administration would train at least 40,000 youths across the state on relevant digital and entrepreneurial skills that would enable them to compete in the global digital and entrepreneurial markets.”

According to him, his administration had already commenced the training of youths on digital innovation, programming, digital marketing, financial technology, and entrepreneurship, among other requisite technological, financial, and business skills.

Mbah is optimistic that with the right training and skills, which his government is determined to facilitate by partnering with different tech industries and stakeholders, the youths could create their own greener pastures in Nigeria without having to travel overseas.

“With the right training and skills which my government would facilitate by partnering with different reputable tech industries, our youths can create their own greener pasture in Nigeria without having to travel abroad. And with their own innovation here, they can create greener pastures on the Enugu soil,” the governor said.

Yesterday, I had the pleasure of being the keynote speaker at the second edition of the Enugu Tech and Entrepreneurship (TxE) Summit. I was privileged to perform the same role at the inaugural edition in 2022.

Speaking on the theme: "Innovation Unleashed: Transforming Enugu’s… pic.twitter.com/7nQCndWoXo

— Peter Ndubuisi Mbah (@PNMbah) November 19, 2023