We don’t want your obsolete equipment, bring investments to Africa’ — Tinubu at G20 conference

At the ongoing G20 conference in Berlin, Germany, President Bola Tinubu has reaffirmed Africa’s readiness to engage in mutually beneficial business partnerships with Europe and the rest of the world.

Tinubu rejected the notion of Africa as a dumping ground for obsolete equipment, saying Nigeria and other countries on the continent desire genuine investments that would foster their development and prosperity.

The investors’ conference is being held under the G20’s Compact with Africa initiative and President Tinubu spoke during a session on Monday.

Responding to a question on if Africa was actively encouraging trade among its nations, President Tinubu affirmed, “I’d say yes because the promotional efforts of the Chancellor, Olaf Scholz, who visited Africa recently, is equally an indication that Europe is serious about doing business with Africa.”

The president highlighted the strides made in governance and stability particularly in Nigeria, saying the nation has continued to fine-tune its business environment and the rule of law to attract serious investors.

Addressing concerns about the importation of near-obsolete equipment to Africa, President Tinubu stated, “Yes, on Siemens, I agree that near-obsolete equipment is not the answer to what we need in Africa. The critical part to success is to be able to leapfrog from where we are today to the next generation of development, and we are opening the door for all of that.”

Tinubu highlighted the demographic advantage of Africa, saying the energetic and well-educated youth population should serve as a compelling incentive for investors.

He stressed the importance of good governance within corporate bodies, assuring that with such practices, investors would find success without fear of financial losses.

“You can invest. If good governance in your corporate body is employed, there’s no way you will lose money,” Tinubu stated.

“The energetic population of youth and the well-educated population that is available are enough to attract (investors).

“We are reforming the rule of law, we are adhering to that and we’ll definitely continue to promote the opportunity given today by you.”

Tinubu, who departed Nigeria on Saturday, joined about 17 other African leaders scheduled for the conference.

The countries include Egypt, Ethiopia, Benin, Côte d’Ivoire, Ghana, Morocco, Rwanda, Senegal, Togo, and Tunisia are CwA member-countries, while the remaining eight countries, namely, South Africa, Nigeria, Angola, Mauritius, Kenya, Democratic Republic of the Congo, Comoros, and Zambia were invited to the summit as observers.

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