G-20 Summit: Tinubu Engages in Bilateral Conversations with German Chancellor Scholz, South Korean President Yoon Suk Yeol, and More

President Bola Tinubu, currently in Delhi, India, engaged in bilateral dialogues with German Chancellor Olaf Scholz, South Korean President Yoon Suk Yeol, and Indian Prime Minister Narendra Modi on the sidelines of the G-20 Summit.

The Heads of State from these three nations have been recognized as pivotal allies in his efforts to promote local investment and wealth creation as part of his economic development diplomacy.

For Africa's largest economy leader, meeting with the Chief Executive Officer of Europe's largest economy, Germany, presented a unique chance to enhance prosperity ties for Nigeria's citizens, with a practical approach to ensure effective execution of agreements reached.

President Tinubu, in a statement issued by his Special Adviser on Media and Publicity, Chief Ajuri Ngelale, was quoted as saying, "Our focus goes beyond merely designing financial frameworks for an expanded economic partnership. It also entails aligning the perspectives of our large-scale manufacturers, such as Volkswagen and others, with the new incentives my government has implemented for their growth across various sectors within our country."

Impressed by the President's economic proposal, German Chancellor Olaf Scholz acknowledged the mutually beneficial nature of strengthening economic ties with Africa's largest economy. He expressed, "Thank you for this important discussion, Mr. President. I appreciate the opportunity to advance our economic relations. Your market is unique, and our companies have a history in Nigeria. We recognize the business-friendly reforms you have enacted. I am pleased to inform you of my desire to visit Nigeria in October to further these initiatives."

Following President Tinubu's acceptance of the German Chancellor's visit request, he continued discussions with South Korean President Yoon Suk Yeol, who commended the President's regional leadership in upholding democratic principles.

"I commend your strong leadership, particularly the peaceful transition of power from your predecessor. We see a growing and stable country in West Africa," he stated.

President Tinubu swiftly directed the conversation toward enhancing South Korean involvement in Nigeria's local manufacturing sector. He asserted, "We will leave no stone unturned. We will finalize our agreements and execute them. We will work diligently with you to secure rapidly implementable Memorandums of Understanding across partnership sectors, involving your major firms, not just in terms of Nigerian consumption but local Nigerian production, spanning telecommunications, technology, and oil & gas."

The South Korean President agreed, emphasizing that South Korean investors are particularly interested in Nigeria's education, technology, and energy sectors. He pledged to mobilize his business community to take advantage of Nigeria's new incentives for local industry.

President Bola Tinubu concluded his formal discussions at the G-20 Summit with India's Prime Minister Narendra Modi, who had invited Nigeria to the event.

"There are many lessons our nation can glean from India's rapid progress under your leadership. We see fantastic opportunities for collaboration, especially in agricultural development. Moreover, there is significant potential to advance ICT innovation and the emergence of Blue-Chip FinTech growth in Africa. Nigeria has local players who can drive this forward," the Nigerian leader asserted confidently.

The Indian leader responded affirmatively to the economic partnership proposal and expressed gratitude for the invitation to visit Nigeria.

"Our teams must maintain close communication to outline priority areas for enhanced cooperation, including agriculture, defense industries capacity building, and FinTech growth. We recognize your commitment. We believe Nigeria has immense prospects in the Unified Payments Interface (UPI), and we will collaborate to make progress in these areas rapidly," the Indian leader concluded.

During the G-20 sideline meetings, President Tinubu engaged in substantive, informal discussions with U.S. President Joe R. Biden, European Commission President Ursula von der Leyen, and World Bank President Ajay Banga, among many others.