Germany’s Steinmeier praises Nigerian economic reforms in Abuja talks

Nigeria’s doors are wide open to business, President Bola Tinubu told his German counterpart Frank-Walter Steinmeier in the capital Abuja on Wednesday.

On the first day of Steinmeier’s four-day trip to three African countries, Tinubu emphasized that Nigeria has introduced reforms benefiting the economy in recent years, including reducing bureaucracy and tax reforms.

Steinmeier praised Nigeria’s efforts, saying the reforms are “perceived by German business community as an improvement in investment relations.”

Nigeria, with a population of around 220 million, is Germany’s second-largest trading partner in sub-Saharan Africa.

“But the potential is much greater,” Steinmeier added.

Despite its oil wealth, the West African country is suffering its worst economic crisis for more than two decades.

Nigerians blame Tinubu’s economic reforms for the rapid rise in inflation, which has led to a massive increase in the cost of living.

In addition, the continuing shortage of fuel and inadequate power supply are slowing down economic growth.

Tibunu on Wednesday highlighted potential partnerships with Germany in the fields of liquefied natural gas (LNG) and renewable energies, while Steinmeier pointed to hydrogen.

Earlier, Steinmeier met Omar Touray, the president of the Economic Community of West African States (ECOWAS).

The regional organization, made up of 15 member states, has recently been weakened by the withdrawal of Niger, Mali and Burkina Faso.

The German president is due to hold further talks centred on economic partnerships in the Nigerian city of Lagos on Thursday before visiting South Africa and Lesotho.