President Bola Tinubu’s participation in the G-20 Summit marked a significant shift as he advanced his economic diplomacy initiatives alongside two major counterparts, Germany and South Korea.
The president engaged with the heads of state from three nations recognized as pivotal partners in his economic development diplomacy efforts, aimed at fostering local investment and wealth creation.
According to a statement by presidential spokesman Ajuri Ngelale, the meeting between the Leader of Africa’s largest economy and the Chief Executive Officer of Europe’s largest economy, Germany, provided a unique opportunity to strengthen ties for the prosperity of the Nigerian people. However, President Tinubu emphasized the importance of not just designing a financial framework for an expanded economic partnership but also aligning the perspectives of large-scale German manufacturers, like Volkswagen, with the incentives the Nigerian government was putting in place to facilitate their growth across various sectors within the country.
German Chancellor Olaf Scholz appreciated the economic focus of Tinubu’s proposal and acknowledged the mutually beneficial nature of deepening economic ties with Africa’s largest economy. He expressed his desire to visit Nigeria in October to further these initiatives.
Following President Tinubu’s acceptance of the German Chancellor’s invitation, he met with the leader of Asia’s fourth-largest economy, South Korea. South Korean President Yoon Suk Yeol commended Tinubu’s regional leadership and commitment to democratic principles. Tinubu promptly shifted the discussion towards his economic agenda and proposed an enhanced South Korean presence in Nigeria’s local manufacturing sector, pledging to ensure the swift implementation of agreements across various sectors of partnership.
The South Korean President agreed, with a particular interest in Nigeria’s education, technology, and energy sectors. He committed to mobilizing his business community to leverage the new incentives for local industry in Nigeria.
President Tinubu concluded his formal discussions at the G-20 by meeting with Indian Prime Minister Narendra Modi. He expressed his admiration for India’s rapid progress under Modi’s leadership and identified opportunities for cooperation, especially in agricultural development and ICT innovation, with a focus on FinTech growth in Africa. The Indian Prime Minister welcomed the economic partnership proposal and expressed his commitment to collaborate on priority areas, including agriculture, defense industries capacity building, and FinTech growth.
During the G-20 meetings, President Tinubu also 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 others.