President Bola Tinubu on Tuesday in Germany boasted of his achievements as former Lagos State governor during the signing of deals worth over $500 million by Nigerian companies
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. This is the track record that led me to the presidency,”said Tinubu who governed Lagos from 1999 to 2007.
The president assured German investors that challenges hindering them from doing business with Nigeria are being actively addressed by his administration.
”For those who fear various obstacles; look at me—I come from the private sector, trained by Deloitte. I served as the treasurer in Exxon Mobil. Define corporate governance in any way, and I am in it,” he said.
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.
”Since 1999, we have witnessed changes in democratic governance, with peaceful transfers of power within and between parties. Democracy in Nigeria has proven to be flexible and resilient. Shake off any remnants of the military era syndrome; we have moved beyond that. Despite challenges faced by other African nations, Nigeria stands firm, and we are your partners,” the President declared.
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.
”The arbitrage regime is gone forever. Now, you can bring your money in and out as you wish. If you encounter any problems, rest assured that I have built one of the most reliable teams Nigeria has seen to address them. I appeal to you to forget the past and focus on building a relationship that removes obstacles, fostering progress and prosperity in Nigerian-German relations.
”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.