Tinubu Reveals Results Of Trips To UAE, Saudi Arabia, Others

President Bola Tinubu has said the outcome of his recent trips to the United Arab Emirates (UAE), Saudi Arabia and other foreign countries have started yielding results.

Speaking in an interview with The Nation on Sunday, the President said his pursuit of Foreign Direct Investment (FDI) had a positive outcome.

The president stated that his government is making significant and far-reaching reforms and rebuilding confidence in the country as an accessible and safe investment destination.

Tinubu said his government secured a $500 million deal with Germany to fund renewable energy projects, particularly in rural part of the country.

He added that, through local enterprises, Nigeria will supply Liquified Natural Gas (LNG) yearly to Germany, starting in 2026, solidifying its role as a key global energy partner.

Tinubu added that his government secured a $116 million French investment in the I-DICE program, aimed at creating 65,000 start-ups and 150,000 jobs, particularly empowering women.

He said: “What is happening right now is that Nigeria is re-engaging with the global market – both foreign and domestic investors. We are telling the story of our significant and far-reaching reforms and rebuilding confidence in Nigeria as an accessible and safe investment.

“We are clearly communicating that ‘Nigeria is open for business’ and that the direction of travel is clear and fully committed.

“So far, our pursuit of foreign direct investment has been met with positive outcomes. We’ve secured a $500 million deal with Germany to fund renewable energy projects, particularly in rural Nigeria. Additionally, through local enterprises, Nigeria will supply LNG yearly to Germany, starting in 2026, solidifying our role as a key global energy partner.

“Our focused efforts to attract European FDI are yielding fruit, notably with the $116 million French investment in the I-DICE program, aimed at creating 65,000 start-ups and 150,000 jobs, particularly empowering women.

“As announced on the sidelines of COP28 in Dubai, we’re deploying 100 electric buses nationally, affirming our commitment to sustainable, eco-friendly initiatives and creating a platform for Public-Private-Partnerships in the mass transit category.

“Since this announcement we have received serious requests for co-investment opportunities from within Nigeria and across the world – Europe, India, China and the Middle East, key global markets which our administration has been energetically engaging with.”