Posted by 
German Chancellor Olaf Scholz has said Nigeria’s influence on the global stage will continue to grow, just as he highlighted the growing relationship between the European superpower and the African powerhouse.
Addressing the Nigerian-German business community in Lagos on Monday, the German leader said bilateral trade between both countries stood at €3 billion, with about 90 German firms operating in Nigeria.
“Regardless of the geopolitical challenges we are currently facing, the importance of Nigeria and of the African continent as a whole will only continue to grow in this multipolar world.
“This must be reflected in international governance and policy-making.
That is why it is good news that the G20 finally admitted the African Union as a new member.
“In all of this, Nigeria and Germany stand shoulder to shoulder. Our partnership is rooted in trust and respect.
It is at the same time forward-looking and in flux,” he said.
Scholz expressed the importance of Africa in his foreign policy saying, “This is my fifth visit to Africa since taking office less than two years ago.
“The reason I keep coming back is simple. Our European story about Africa and about countries such as Nigeria has been a single story for way too long.
You all know the stereotypes that come to mind.
“But I am convinced that we can change that single story together. And that we can add more accurate, timelier chapters to it.
“Our new story begins with a somewhat basic observation: Today’s world is multipolar.”
He zeroed-in on Lagos, describing it as one of the largest and fastest-growing cities in the world, as well as the economic powerhouse of Africa’s most populous country, with an inspiring tech and cultural scene and remarkable business opportunities.
Scholz pushed for more cooperation between Nigeria and Germany, and painted a picture of a future pregnant with positive possibilities.
“The story I would like to offer you instead is one that blends Nigerian and German potential.
“A story of growth that is mutually beneficial. A story in which Africa and Europe choose a joint approach in fields such as energy, clean industrial development, green technology, vocational training, legal migration.”
Speaking further on why Nigeria and Germany should collaborate more he said:
“Nigeria is the most populous country on the African continent with its largest economy. Germany is the most populous country within the EU with the largest economy on the European continent.
“Already, Nigeria is our second-largest trading partner in sub-Saharan Africa.
“Last year, bilateral trade stood at €3 billion, chalking up a significant increase compared to previous years.
“About 90 German companies are present in Nigeria. I am glad to see many of them and their Nigerian partners and representatives here today.”
He revealed that the companies have created more than 17.000 jobs and thousands of opportunities for young Nigerians, with indirect contribution to employment in Nigeria about ten times higher.
“Those figures are encouraging. But I see even greater potential,” Scholz enthused.
His optimism stems from a belief that mutual need will drive collaboration.
“All of us are keen to broaden our economic bases.
“In order to reduce our dependency on fossil fuels, to diversify our supply chains when it comes to energy and critical resources, a stable, reliable and environmentally friendly power sector is the backbone of economic development, in Germany and in Nigeria alike.”
He revealed that Germany is investing heavily in wind and solar energy and explained how Nigeria can be a partner.
“We are establishing one of the world’s first markets for hydrogen to power our industry. Some of this hydrogen can be produced domestically. But most of it will have to be imported.
“That is where countries like Nigeria come in. Nigeria has an ambitious energy transition plan. You are an exporter of energy.
“And your country is also well placed to remain a central player for renewable energies and hydrogen – as well as for LNG that we will continue to need in the years to come until the hydrogen market is up and running.
“That is why we have recently expanded the Nigerian-German partnership in the fields of energy and climate, a partnership launched in 2008.”
He revealed plans to strengthen Nigeria’s hydrogen sector.
“We have inaugurated the Nigerian-German Hydrogen Office in Abuja. It aims to bolster Nigeria’s hydrogen sector and to increase export capacities. Technology will play a key role in this.
Here, too, Germany is keen to expand our existing cooperation with Nigeria.”
Scholz revealed that six years ago, two German entrepreneurs founded Daystar Power in Nigeria.
“Today, it is one of the most successful solar energy companies in Nigeria.”
Scholz spoke about inroads into Nigeria’s extractive industry and how German companies are helping to improve productivity while driving down costs.
“When it comes to the exploration of raw materials, let me make one more point.
“In a two-sided story like ours, their use must be beneficial to both sides. I call this: partnership instead of extractivism.
“This means that we need to work together to ensure that countries like Nigeria can benefit from processing their raw materials locally.
“That would generate more income here. And at the same time, it would make our global supply chains more diverse and thereby more stable.”
He said to achieve this, a lot depends on local capacity and on an investment-friendly legal framework.
“We are here not only to increase trade and industrial investment between our countries. But to improve local value creation and sustainable manufacturing, to create better quality jobs and upgrade the infrastructure.”
Scholz harped on the importance of the The African Continental Free Trade Area and its benefits to Nigeria. He declared Germany’s support for AfCFTA.
“Africa is set to become the largest free trade area since the formation of the WTO. As a member of the European Union, Germany knows the benefits of regional economic integration.
“Therefore, we fully support Africa’s path towards AfCFTA not only as its largest donor but also by supporting the negotiations and its implementation.
“AfCFTA would strengthen Africa’s economic and trade diplomacy.
And it would tremendously increase the market potential for companies investing in the Free Trade Area countries.”
Demola Ojo
The post Nigeria’s Importance in a Multipolar World Will Continue To Grow, Says German Chancellor Scholz appeared first on Arise News.
