Amid the ongoing G20 conference in Germany, President Bola Tinubu has rejected and told investors not to dump near-obsolete equipment in Africa.
He stressed that genuine investments are needed to help Nigeria and other African countries thrive and prosper.
This was stated by the President at the G20 meeting in Berlin, Germany.
He emphasized Africa's willingness to form mutually beneficial commercial alliances with Europe and the rest of the globe.
The investors' conference is being organized as part of the G20's Compact with Africa project.
In response to a question about whether Africa was actively encouraging trade among its nations, President Tinubu stated, "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 emphasized Nigeria's progress in governance and stability, stating the country has continued to improve its economic climate and rule of law to attract serious investors.
In response to worries regarding the export of near-obsolete technology into Africa, President Tinubu declared, "Yes, on Siemens, I agree that near-obsolete equipment is not the solution to what we need in Africa.
"The ability to leapfrog from where we are now to the next phase of development is vital to success, and we are opening the door for all of that."
President Bola Ahmed Tinubu arrived in Berlin, Germany, on Sunday morning, ahead of the G20 Compact with Africa (CwA) Conference.
The conference will be hosted by German Chancellor Olaf Scholz and will take place on Monday, November 20, 2023.