Business

Tinubu meets world leaders on investment at G20

Published

3 years ago

September 11, 2023

Tinubu meets world leaders on investment at G20

PRESIDENT Bola Tinubu has met with three major world leaders at the G20 summit in an economic development diplomacy.

Presidential spokesman, Ajuri Ngelale disclosed in a statement on Sunday in Abuja that Tinubu met with German Chancellor, South Korean President as well as the Indian Prime Minister.

The News Agency of Nigeria (NAN) reports that this was part of Tinubu’s diplomatic moves at the summit towards enhancing practical steps in bilateral relations.

The Heads of State of these three nations have been identified as key partners in Tinubu’s economic development diplomacy drive for local investment and wealth creation.

The president’s meeting with German Chancellor Olaf Scholz presented a unique opportunity to expand ties of prosperity for the people of Nigeria, but with a pragmatic approach toward ensuring the effective execution of agreements struck.

“It is not, for us, only a matter of designing the financial architecture for an expanded economic partnership.

‘’It is also about the practicality of aligning the perspectives of your large-scale manufacturers, such as Volkswagen and others, with the reality of the new incentives my government is putting in place for them to come and prosper across multiple value chains and sectors inside of our country,” he said.

Scholz responded by acknowledging the mutually-beneficial nature of an escalation in the scale of economic ties with Africa’s largest economy.

“Thank you for this important discussion, Mr President. I can appreciate this opportunity to advance our economic relations. Your market is unique and our companies have history in Nigeria.

READ ALSO:

‘’We acknowledge the business friendly reforms you have put in place. I am happy to inform you of my desire to visit you in Nigeria in October, which will allow us to carry forward these initiatives,” the German leader said.

The president accepted the German Chancellor’s request to visit Nigeria for more talks.

The president proceeded to also meet with the leader of Asia’s fourth largest economy, South Korea, during which its president, Yoon Suk Yeol, commended Tinubu’s regional leadership in upholding democratic tenets and norms.

“I wish to commend your strong leadership, following the peaceful transfer of power to you from your predecessor and we see a stable country in West Africa that is growing in stature,” he said.

Tinubu explained his economic focus to the South Korean leaders and advanced proposals for an enhanced South Korean presence in Nigeria’s local manufacturing sector.

“We will work point by point with you to secure rapidly implementable MoUs across sectors of partnership that will involve the active presence of your biggest firms, not just in terms of Nigerian consumption, but in local Nigerian production, from telecommunications to technology, and oil and gas,” Tinubu said.

The South Korean President told Tinubu that Nigeria’s education, technology and energy sectors are of interest to South Korean investors and that he will mobilize his business community to take advantage of new Nigerian incentives for local industry.

READ ALSO:

The president also met with the Indian Prime Minister, Narendra Modi, who had invited Nigeria to the G-20 Summit.

“There are many lessons our nation can learn from the rapid progress that India has made under your leadership.

‘’We see fantastic opportunity between our nations across sectors, such as agricultural development, but specifically, there is more we can do to advance ICT innovation and the emergence of Blue-Chip FinTech growth in Africa.

‘’Nigeria has the local players who can drive it from the front,” the Nigerian leader said.

Modi applauded Tinubu for the economic partnership proposal, even as he expressed gratitude for the Nigerian leader’s invitation to visit.

“Our teams must now stay close in touch to detail our priority areas of upscale cooperation with respect to agriculture, defence industries capacity building, and even FinTech growth.

‘’I see your commitment. We believe there are immense prospects for Nigeria in the UPI (Unified Payments Interface) and we will ensure that we come together and make progress on these fronts very rapidly,” the Indian leader said.

During the G-20 sideline meetings, Tinubu also had informal exchanges of views with U.S. President Joe Biden; European Commission President, Ursula von der Leyen; and World Bank President, Ajay Banga, among many others.

Tinubu meets world leaders on investment at G20

(NAN)

Related Topics:Featured Investment Tinubu World Leaders

Up Next

FG Special Investigator faults CBN audited reports, DSS to grill more officials

Don't Miss

DSS arrests CBN Deputy Governor Aisha Ahmad

Auto

CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics

Published

34 minutes ago

April 10, 2026

Trends Admin

CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics

CFAO Mobility has announced plans to host the 2026 edition of its flagship CFAO Mobility Open Day, aimed at showcasing a wide range of innovative mobility solutions.

In a statement, the company said the event would take place on Thursday, April 30, 2026, at Harbour Point, Victoria Island, Lagos, from 9am to 6pm.

The Open Day is expected to bring together leading global automotive and equipment brands in a dynamic exhibition tailored to meet diverse mobility needs.

Participating brands are Toyota, BYD, Mitsubishi, Suzuki, Fuso, JCB, Howo, Sino Equipment, King Long, TechKing Tyres, Yamaha, Winpart and Auto Fast.

According to CFAO Mobility, attendees will experience an extensive display of products and services, ranging from brand-new vehicles and motorcycles to outboard engines, fleet management solutions, spare parts and aftermarket services.

The event, which is free and open to the public, will also feature test drives, professional vehicle diagnostics and exclusive spare-parts deals, offering participants a hands-on and engaging experience.

The company urged car enthusiasts, business owners and prospective buyers to take advantage of the Open Day to explore mobility solutions tailored to their personal and business needs.

With over 120 years of presence in Nigeria, CFAO Mobility remains a key player in the mobility and healthcare sectors.

It added that the Open Day reflects its continued commitment to delivering innovative, customer-focused mobility solutions.

Business

Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market

Published

12 hours ago

April 10, 2026

Trends Admin

Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market

The Naira continued its positive performance on Thursday, appreciating further in the official foreign exchange market to close at ₦1,359.31 per US dollar, according to data published by the Central Bank of Nigeria (CBN).

The latest figure represents an improvement of ₦12.50 compared to the previous trading day, reflecting a 0.9 percent gain from Wednesday’s closing rate of ₦1,371.82/$.

The appreciation highlights continued stability in the official foreign exchange window, where recent policy measures have helped improve liquidity and reduce pressure on the local currency.

Market analysts attribute the naira’s relative strength to ongoing foreign exchange reforms by the CBN, increased dollar supply in official channels, and tighter regulation aimed at narrowing the gap between official and parallel market rates.

READ ALSO:

The CBN has in recent months intensified efforts to stabilise the currency through measures such as improved FX market transparency, better coordination with market participants, and steps to attract foreign portfolio inflows.

Despite the gains in the official market, traders note that the parallel market remains more volatile, with rates still influenced by strong demand for foreign currency from importers, travellers, and businesses outside official allocation channels.

Economists say the recent appreciation could help ease short-term inflationary pressure, particularly on imported goods, fuel pricing, and manufacturing inputs, although they caution that sustained stability will depend on broader macroeconomic fundamentals.

These include stronger foreign reserves, improved export earnings—especially from crude oil—and continued investor confidence in Nigeria’s economic policy direction.

The naira’s performance also comes amid renewed attention on Nigeria’s broader economic outlook, with stakeholders closely monitoring the impact of monetary tightening and ongoing fiscal reforms.

As of the latest trading sessions, market participants expect the CBN to maintain its current policy stance in the near term as it works to consolidate recent gains in the foreign exchange market in Nigeria.

Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market

Business

Nigeria May Face ₦2,000 Petrol Price Without Intervention, TUC Warns FG

Published

12 hours ago

April 10, 2026

Trends Admin

President of the Trade Union Congress of Nigeria (TUC) Festus Osifo

TUC Warns Petrol May Hit ₦2,000/Litre, Proposes Crude Revenue Subsidy Plan to FG

DETAILS:

The Trade Union Congress of Nigeria (TUC) has warned that petrol prices in Nigeria could rise to as high as ₦2,000 per litre if urgent economic measures are not introduced to stabilise the country’s energy and currency markets.

TUC President, Festus Osifo, issued the warning during a press briefing in Abuja, citing the combined impact of rising global crude oil prices and continued depreciation of the naira as major drivers of worsening fuel costs.

Osifo said Nigerian workers are already under severe economic pressure, noting that in some parts of the country, fuel pump prices are already approaching the ₦2,000 threshold due to market volatility and transportation differentials.

He explained that the 2026 national budget benchmarked crude oil at about $64.85 per barrel, while current international prices hover around $100 per barrel, creating what he described as significant “excess revenue” for the government.

The TUC is proposing that the Federal Government allocate about 60% of this excess crude revenue to support local production by subsidising crude supply to domestic refineries, including the Dangote Refinery and other modular refineries.

According to Osifo, this approach would be more transparent and harder to manipulate than the previous fuel subsidy regime, while also helping to reduce the cost of petrol, diesel, and aviation fuel within a short period.

READ ALSO:

He argued that targeted support at the refinery level could reduce pump prices within two weeks if implemented, stressing that the current cost structure is unsustainable for households and businesses.

The TUC president also criticised the slow expansion of Compressed Natural Gas (CNG) infrastructure, noting that although CNG adoption is being promoted as an alternative to petrol, the absence of refuelling stations along major highways limits its practicality for long-distance transport.

Beyond economic issues, Osifo also raised concerns over worsening insecurity in parts of the country, particularly recent killings in Plateau State, urging the government to strengthen military response capabilities with modern technology and intelligence tools.

He warned that failure to address rising fuel costs could reverse recent gains in inflation control, arguing that high petrol prices directly impact inflation, transport fares, and food costs across Nigeria.

Osifo further suggested that the naira’s fair value should ideally be within the ₦800–₦900 per dollar range to ease pressure on fuel pricing and broader economic stability.

The TUC stated that it will formally present its proposal to the Federal Government ahead of upcoming federation revenue distributions, insisting that urgent intervention is necessary to prevent further economic hardship.

As of the time of filing this report, the Federal Government has not issued an official response to the proposal or the ₦2,000-per-litre warning.