Business
Tinubu ‘Sells’ Nigeria’s Population To International Investors
International investors have been urged to look beyond the natural resources and focus on Nigeria’s teeming population in their investment considerations.
President Bola Ahmed Tinubu made the assertion on Monday in Berlin, Germany at the G20 Compact with Africa Economic Conference, hosted by German Chancellor Olaf Scholz.
The Presidency took to its verified X handle to offer details on this on Monday night.
According to the tweet, President Tinubu spoke at a panel discussion titled, “Fostering local value chains and investments in Africa – The role of the German private sector”.
Attempting to flaunt the people as Nigeria’s greatest assets, President Tinubu urged international investors to look beyond Nigeria’s natural resources, and focus on the people of Nigeria.
On why this should be, he pointed out that Nigerians are highly educated, highly skilled, and naturally industrious, which make the people the primary asset and advantage the country wields over other nations in the global race for new investments.
The statement cited President Tinubu as having noted that while promoting the rule of law is crucial for attracting foreign investments, Nigeria’s energetic youth population and well-educated populace represent the greatest incentive provided to investors toward the mutually-beneficial replication of China’s economic resurgence.
He said, “We are dogged in our pursuit of natural gas development today, in tandem with hydrogen production for tomorrow. The world knows Nigeria as a leader in the energy sector. Our vast gas deposits and business-friendly environment make us an attractive investment destination.
“But we are going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to expeditiously accommodate foreign investments.”
Inviting international investors, President Tinubu added, ”We are eager and ready to partner with you. We have the youngest, largest, and most vibrant youth population in Africa. Equally, we have every ingredient required in the making of a modern economy: a well-educated population, a massive market, and the political will to bring it all together under my leadership.
“Africa has moved beyond the false past notions of business ‘disincentivization’ and poor adherence to the rule of law. We now fully recognize the nexus between the inflow of investor money and the sanctity of contracts. We want to partner on the basis of who we are and what we do, rather than on the basis of long-held misconception.”
Biztellers reports that President Tinubu apprised the summit of Nigeria’s intentional move towards developing labour-intensive sectors of the Nigerian economy for massive job creation as well as a new emphasis on technological progress and new opportunities in Nigeria’s rapidly expanding information and communications technology space.
He also assured potential investors that Nigeria has moved beyond restrictive policies, and today, capital can be moved in and out of the country freely, providing flexibility for investors.
“Nigeria has consolidated on its democracy with several consecutive handovers of power. There is stability and predictability in the socio-political development of our country, which provides a conducive atmosphere for business operations and investment. Your money is safe.
“Since I assumed office in May 2023, we have embarked on transformative changes, removing all obstacles hindering businesses. We are reforming the economy based on the principle and philosophy of good governance,” President Tinubu added.
While persuading German automobile firms to establish manufacturing plants in Nigeria, he invited German businesses to take advantage of investment opportunities in multiple sectors following the successful visit of the German Chancellor to Nigeria in October.
German Chancellor Olaf Scholz noted the dynamic and evolving nature of economic relations between the developed and developing nations of the world as he positions Germany to enhance partnership with Nigeria and Africa on a mutually-beneficial basis.
Nokia has reported a net loss of €68 million for the first quarter of 2025, a sharp decline from the €438 million profit recorded during the same period last year.
The Finnish telecoms equipment maker attributed the downturn to global trade disruptions and recently imposed tariffs by the United States.
The company’s net sales dropped slightly to €4.4 billion, down by one percent year-on-year.
READ ALSO: Trade War: China Strikes Back Wth 125% Tariffs On U.S. Goods
Tariff-related challenges were highlighted by Nokia’s President and CEO, Justin Hotard, who acknowledged the broader economic pressures affecting the industry.
“We are not immune to the rapidly evolving global trade landscape,” Hotard stated. “However, based on early customer feedback, I believe our markets should prove to be relatively resilient.”
He also noted the potential short-term financial impact, saying, “Based on what we see today, we currently expect a EUR 20 to 30 million impact on our comparable operating profit in the second quarter from the current tariffs.”
Earlier this month, U.S. President Donald Trump introduced a 10 percent tariff on global imports, while pausing plans for steeper duties, including a proposed 20 percent levy on products from the European Union.
Despite the quarterly setback, Nokia expressed confidence in its growth prospects.
The company is looking to its Network Infrastructure, Cloud and Network Services, and Mobile Networks divisions to drive sales in the year ahead.
In a sign of continued momentum in the mobile segment, Nokia also announced on Thursday that it had extended its contract with T-Mobile US.
The company said it is continuing “to see positive signs of stabilization” in Mobile Networks.
The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.
Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.
The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.
ALSO READ: BREAKING: Again, Dangote Cuts Petrol Price To N835 per Litre
In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.
Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.
Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.
Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.
Gold soared to a record high of $3,500 an ounce on Tuesday, as mounting fears over a potential U.S. recession and escalating tensions between President Donald Trump and the Federal Reserve drove investors toward the traditional safe-haven asset.
The precious metal briefly touched an all-time high of $3,500.10 an ounce before retreating slightly to trade at $3,467.87.
READ ALSO: JUST IN: Vatican Discloses Cause Of Pope Francis’ Death
The rally marks the latest in a string of record-breaking gains for gold, fueled by a weakening U.S. dollar, sharp declines across global stock markets, and growing concerns over the health of the world economy.
Market sentiment took another hit this week after President Trump ramped up his trade war with China, slapping fresh tariffs on the world’s second-largest economy and intensifying fears of prolonged economic disruption.
Gold has surged more than 30 percent since the start of the year as investors seek refuge from mounting market volatility.
“The rally reflects ongoing recession fears in the U.S. economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell,” said Rania Gule, senior market analyst at trading group XS.com.
Concerns about the Fed’s independence were further stoked Monday, when Trump publicly lashed out at Powell on social media, branding him a “major loser” for not cutting interest rates — a move the president has repeatedly demanded.
The sharp criticism follows Trump’s recent suggestion that he might attempt to remove Powell from his post.
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