SmartMoney

Energy

Germany to increase investment in Nigeria’s renewable energy sector

President Muhammadu Buhari and Angela Merkel

President Muhammadu Buhari and Angela Merkel

 

 

The German Government has pledged to increase its investment in Nigeria, especially in renewable energy and other non-oil sector.

The German also pledged to help Nigeria address the challenges of urbanisation.

Foreign Affairs Minister Geoffrey Onyeama said this on Wednesday in Abuja at a press conference on post President Muhammadu Buhari’s visit to Germany.

Onyeama said that the investment promise from Germany was the outcome of high level meetings between Buhari and German Chancellor Angela Merkel during his visit.

The News Agency of Nigeria (NAN) recalls that Buhari embarked on a four-day official visit to Germany on Oct. 13 to discuss issues of shared interests between Nigeria and Germany.

He said that during the visit, the German government pledged to do everything to encourage their businessmen to invest in Nigeria.

READ ALSO  Buhari reacts to alleged vendetta against past leaders, Jonathan’s accounts

According to him, there is discussion on the issue of the challenges of urbanisation and they want to partner with Nigeria to develop best practices and mechanism to make our city more habitable.

He said that Buhari also talked about his initiative to reverse rural urbanisation to make the rural areas more attractive to young people, which he said the Germany government bought into.

Besides, the minister said that Nigeria and Germany agreed on pushing this agenda in the international and multilateral levels.

He said that Germany also pledged to share with Nigeria vocational training skill that could be of help to develop Nigeria’s manufacturing sector.

READ ALSO  AFD spends $278m on development projects in Nigeria

Onyeama said that the president also gained the support of Germany on diversification of the economy in developing the agricultural sector.

The minister added that Buhari during the meeting invited German investors to come and invest in Nigeria’s renewable energy and other non-oil sector.

He noted that Buhari pointed out to them that Nigeria had acceded to Paris agreement on climate change and we are going to be investing in more cleaner energy sources.

“There is need for technology on renewable energy, so he invited them to come and invest that Nigeria is open to investors in this regard,” he said

He said that during the meeting Germany pledged to assist in the recharging of Lake Chad which he said had reduced by 90 per cent from its original size.

READ ALSO  Migrants claiming benefits in Germany increase astronomically

The minister said that cost of recharging the lake was nothing less than 15 billion dollars.

He said that Buhari also received Germany’s support on the issue of cooperation on security, the humanitarian situation of Internally Displaced Persons (IDPs) and rehabilitation of the North-East.

According to him, Germany is very keen on the provision of assistance to the IDPs.

He said that the president also discussed with his German counterpart the issue of the lingering problem in South South Nigeria and efforts made not to degenerate into military war.

Onyeama said Germany also pledged to assist Nigeria in this regard.

Comments

Most Popular

To Top