German chancellor, Olaf Scholz, has stated that an essential aspect of cooperation between Nigeria and Germany is an economic development. This statement was made by the chancellor during bilateral talks with the Nigerian President, Bola Ahmed Tinubu, at the presidential villa, located in Abuja. Scholz affirmed that Germany will get into future collaborations with Nigeria in hydrocarbon and minerals. He added that his country, Germany, will not cease to ensure promotion of economic cooperation and enjoy the benefit of the business potential Nigeria possesses.
According to Olaf Scholz, one of the major aspects for cooperation is the development of the economy and usage of the economic opportunities present in Nigeria. As was affirmed by Nigeria, there are several opportunities, aside from oil and gas, that are connected to the country. However, there is a chance for more improvement to enhance usage of the capacities of Nigeria, and to begin investments for the future. These investments have to do with hydrogen.
Implementation of tax reforms to save the system of multiple taxation.
The investments also involve other necessities that are essential for an economy that is about to begin production of every necessary goods for the citizens without causing any form of harm to the environment. Scholz added that it is also of importance that Germany uses the technique of development of the Nigerian economy in the fields of the minerals present in the country. President Bola Ahmed Tinubu also spoke at the government-to-business roundtable of bilateral talks.
Tinubu said that his administration has an understanding of the rudiments of a business environment, which has brought about the recent policy adjustments and policy reforms in the nation. He added that the current administration, which he is leading, has ensured the implementation of tax reforms to save the system of multiple taxation, ensure presentation of foreign investment, and boost returns. Tinubu further stated that his administration pays acknowledgment to the challenges of conflicting and delayed investment.
Conflicts cannot be eradicated from the process but can be minimized.
Bola Tinubu stated that despite the fact that Nigeria has experienced several reforms, there is no 100 percent certainty that everything goes exactly as planned. He added that some of the people present at the roundtable were not present when the rule of law was being discussed. He said that he is not ignorant about businesses, especially investors, because he used to be in the field of businesses and is from the environment of investors.
Mr. President stated that he used to be a treasurer at ExxonMobil in Nigeria. As a result, he is able to understand the delays and pain of investment and conflict in any business collaboration. Although conflicts cannot be eradicated from the process, it can be minimized. The President further said that the level of protection of the investments of investors is of utmost importance. He asserted that investments cannot endure delays and conflicts, and will flee when this happens.
Gov’t will ensure promotion of efficiency & ease of doing business.
Nigeria is currently undergoing a reformation of its economic and business environment for promotion of efficiency. After the removal of fuel subsidy, the government is working on tax reforms for removal of double taxation to give investors better returns on investments. Also, there are regulations in place that will ensure that investments are well protected. Tinubu assured the investors from Germany that Nigeria will ensure the promotion of efficiency and ease of doing business by eliminating all conflict areas.