Netherlands pledges $250m investment in Nigeria’s climate, solid mineral

• To boost Nigeria’s economic growth

Onome Amuge

A surge of optimism rippling through the international investment community has heralded a promising new chapter in Nigeria’s economic future, as the transformative reforms of President Bola Tinubu have piqued the interest of the Netherlands and ignited a fresh wave of Dutch investment to the tune of $250 million in the coming months.

Among these forthcoming investments is a $100 million waste-to-wealth industrial facility in Lagos State, a strategic enterprise that marks a turning point in Nigeria’s journey towards a more sustainable and prosperous future.

Mark Rutte, the prime minister of the Netherlands, revealed the landmark developments at The Catshuis, his official residence located in The Hague.

“You are promoting democratic governance and the solutions it can bring in dealing with problems of development. I saw how you went through democratic channels to remove an incumbent president in 2015 in partnership with President Buhari and how that has led to development in your country.

“I saw you take the courageous decision to deal with fuel subsidies and other reforms, and we are interested in what allowed you to take the decisions that many before you could not take. And you took those decisions early in your term. It shows rare determination. And your stand in ECOWAS, all of these point to your commitment in leadership,” Rutte stated.

President Bola Tinubu, seeing in the Netherlands a crucial partner in the march towards a cleaner, more sustainable future, enticed Prime Minister Rutte with the prospect of Nigeria’s vast reserves of high-grade lithium deposits, which he posited could serve as a vital component in powering not only Europe but also the entire globe’s transition to clean energy.

Tinubu, in a statement by Ajuri Ngelale, the presidential spokesman, conveyed Nigeria’s eagerness to forge partnerships that would create a harmonious symphony of value-added trade and investment between Nigeria and the Netherlands. 

Acknowledging Nigeria’s vast potential across a range of sectors, the president assured that his administration is steadfast in its commitment to improving the country’s investment climate, laying the groundwork for a new era of growth fueled by a robust, balanced, and symbiotic alliance between the two nations, particularly in the area of solid minerals.

President Tinubu stated: “Taking a holistic view of the world order, there is a tremendous opportunity between us across trade spheres but especially in solid minerals, where we have high-grade lithium deposits that we know can power the clean energy future of the world. There is excellent value-additive opportunity in Nigeria. The world knows us for oil. They will soon know us for greater innovative exploits in other areas.

“We have an extremely dynamic youth population in Nigeria. It is a young country. 70% of our people are under the age of 30, and when we are referring to 200 million plus citizens, it represents both a massive workforce and a massive market for Dutch and other international investors.

“If our young people know they can achieve a good future in Nigeria, they will stay home and build our nation to greatness. Lawful migration of trained Nigerian minds and hands will be a benefit to Europe, and irregular migration will no longer be a source of fear in Europe if we partner effectively.”

The Nigerian president addressed the critical matter of Nigeria’s relationship with the European Union (EU), entreating for a spirit of economic reciprocity and growth-oriented partnerships in place of the pitfalls of one-sided trade.

Seeking to cement the foundation of a long-lasting, flourishing collaboration between the EU and Nigeria, Tinubu argued for the paramount importance of mutual prosperity, making a powerful case for an equitable, well-balanced foundation of bilateral trade, where both parties benefit equally from the fruits of their economic union.