Stella Dimoko Korkus.com: Buhari Seeks Business Ties In Berlin

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Saturday, 15 October 2016

Buhari Seeks Business Ties In Berlin

During an official state visit to Germany, Muhammadu Buhari called for closer economic ties. But faced with an economic downturn in Nigeria, German companies point to major hurdles to investment, reports Naomi Conrad.


In the end, it took two attempts: As Chancellor Angela Merkel struggled to pronounce Muhammadu Buhari's name at a joint press conference in Berlin, the Nigerian President was busy trying to adjust his earpiece for the simultaneous translation. Finally, Merkel's spokesman stepped in to help and the German chancellor began anew: This time, as she lauded the President's fight against extremism, she pronounced his name correctly.
Buhari is in Berlin for a state visit, which includes several trade deals to further economic ties and cooperation in the fight against terrorism.


The visit comes at a time when Nigeria is struggling with an economic downturn, "a difficult economic time," as Merkel put it, due to weak oil prices, and its economy continues to suffer from attacks on pipelines by militants.
Buhari, who was briefly a military dictator in the 1980s, was elected in 2015 on a platform of cracking down on corruption, fighting Boko Haram and boosting economic growth.
At the moment, according to Buhari, some 100 German companies operate in Nigeria, most of them in the manufacturing sector.


Economic downturn, attacks in Delta region
Buhari's government yesterday announced the first negotiated release of 21 of the 218 Chibok schoolgirls kidnapped by Boko Haram in 2014. He would, the President added, continue to work towards the release of the remaining girls. 
Overall, Buhari said, the militant group "has been degraded. They don't hold any local government now." The bombing of soft targets, such as schools, mosques and market places, had also been degraded, he said.


But Nigeria faces a major famine in the northeast, where Boko Haram has disrupted farming and transportation. Some areas remain inaccessible due to militancy.
Buhari announced that the government was talking to the leadership of militants operating in the Niger Delta. "We intend to negotiate for a ceasefire."
He had also, Buhari said, asked Germany for help "in terms of intelligence training."


German investors point to major challenges 
And Buhari claimed that the economy was improving to some extent. The rainy season, he said, had been good. "We are expecting a bumper harvest." In 18 months, he added, Nigeria would be able to stop the import of food and become self-sufficient.

But investors remain less optimistic. At a roundtable organized by the German-African Business Association in Berlin on Friday morning, German and African investors, many with major investments in Nigeria, concurred that doing business in Nigeria was hard at the moment. They pointed to high inflation and customs duties. Sometimes, one investor said, fellow investors would simply abandon imported goods at the harbor, rather than pay the eye-watering customs taxes.

Another major problem, they agreed, were restrictions introduced on foreign currency. "There's effectively no currency in the market," one investor said. This, the businessmen say, makes it difficult to send profits home, import spare parts and also pay expat workers. 

At the moment, one businessman said, convincing board members to invest in Nigeria was "pretty hard."

But, the chief executive officer of one multinational company added, "You simply can't avoid Nigeria if you want to do business in Africa."

m.dw.com reportage.


27 comments:

peace maker said...

Good for him

SONIA SPENCE ✌✌✌ said...

No comment.

Still pissed.

Ada bekee said...

Stella what of that save Bella post?

white Berry said...

Noted but stopping importation of things

αʀօma said...

I read the spiritual part of Aso Villa
...And the government shall be on his shoulder
What Nigeria need is a true child of GOD, a citizen of his Kingdom, we are going to redeem this nation.. We are the army rising up for CHRIST

Rhoda Rex said...

That's good

Anonymous said...

OK seen

Anonymous said...

Same

Stella Igbokei said...

Well done

50 Shades of Awesomeness said...

Stella I hope you meet with buhari and speak some sense into him.

50 Shades of Awesomeness said...

Stella I hope you meet with buhari and speak some sense into him.

Shyla said...

Ajala always looking for excuse to leave the shores of this country. All the ties he has been trying to establish for the past one year, we are yet to see any tangible thing come out of it.

Anonymous said...

That_depressed_girl #sucidal

Anonymous said...

Look @how he looks in DAT outfit...like 1 of dem BH members!

Fab Mum said...

That's the problem with investing in a business or country. First, you don't go about telling people your country is bad and painting the country in a bad light. This alone can make investors run so far from your country. For someone to invest in your business, you need to make it sound very impressive and show the person what you are investing in will bring profits. But how he bad mouthed the country from the beginning didn't put us in a good light


Then you don't go about putting restrictions on things. You can do that only when you are self sufficient and other people's investment means nothing to you. But when you aren't sufficient, you allow things flow the normal way. Nothing putting unnecessary restrictions here and there and then lifting it. Like you can't pay dollar in to your account but can withdraw OK, you can now pay and withdraw. OK, the limit is 250 a week. Oh, now the limit is 1000. Don't sell dollars to bdc, okay sell to them now. Some restrictions aren't necessary. Because to come out of recession, you need all the foreign investment you can get.

I know that sit isn't easy but I pray he figure it out and put the right people there for the job not because they are from his place or because they voted him but because they are fit for the job.

I believe Nigeria will be great again when the right steps are made but we will plunge deep down if things are not done right.. Don't even start talking about those custom tarrif. It increased so much.


This are my opinion, you can drop yours in agreement or argue it constructively.

Anonymous said...

He wan collect from Germany's kitchen fa ????

Anonymous said...

Can you please shut up. Ikorodu bush rat go and breastfeed ur baby lets hear word abeg. Iranu.

celynkay said...

Stella, the video where Buhari called his wife out that she belongs to his kitchen, living room and other room, is going viral yet you have refused to post it. Why?

cindy (the die hard feminists) said...

The price of sugar keeps increasing, he wants to do foreign business, mistah Come back to this country and stop bull shitting yourself

amanda favour said...

LMAO 😁
Anon Idi bad

charitybino said...

If Merkel had been restricted to the kitchen, sitting room and the other room, would Buhari have met her?

Anonymous said...

Anon 8:36 na ur papa and mama be bush rat

Anonymous said...

Anon8:36 sisi eko can't u counter her argument without insults?

SONIA SPENCE ✌✌✌ said...

I don't know why she deleted it. It woulda been fun

Fab Mum said...

You idiotic moron. Come back let me school you because I'm sure you dwell in ignorance. When your fees was a wasted efforts why won't you be angry at the world. I'm really happy I have power over you. My happiness kills you and it may you cry in your bedroom wondering why life is good to me and you are busy dying of hunger. Don't worry Jesus will come answer you soon. Idiot wishing I stay in ikorodu Lmao. Go and die..

Wild Rose said...

My dear help me ask them o.

usani osim said...

Merkel no be mumu trust be; they'd surely withdraw to analyse the personality and mental state of buhari! Dem just dey whin am jare ; shoikom! E no go see for there

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