Germany, Nigeria Trade Relations Peaks At €3bn

Mrs Annett Gunther, the German Ambassador to Nigeria, reports that commerce between the Federal Republic of Nigeria and the Federal Republic of Germany presently totals around three billion euros.

Specifically, she stated that trade relations increased from two billion euros in 2022 to the present value of three billion euros, with the balance of trade favoring Nigeria due to crude oil exports.

She said there was room for development in commercial relations, which both nations were presently working on, particularly in agriculture.

“I think agriculture is a very good area for cooperation, not only because we can help in the area of food security, which is important to Nigeria, but also in improvement of export of processed products.

“Instead of selling more raw products, we will have more value creation within the country to creates more jobs .

“As part of our development cooperation , we have a programme in agriculture that also focuses on exactly that value chain, which supports small and medium size enterprises in the sector,” she said.

The envoy said that many German delegations had attended Tradefairs in Lagos, like the agri food festival with German companies participating and having one of the biggest pavilions. She further explained that the German Chamber of Trade and Commerce in Lagos represented German companies in the country.

According to her , Germany has about 90 companies with its representative offices in Nigeria adding that while some engaged trading, some others have production facilities.

“Nivea is one of the German companies that has a real huge modern production facility in Nigeria. Nivea products such as the lotions and creams are German products that are produced in Lagos .

“They have production facilities in Germany and these products produced in Nigeria are almost 100 per cent identical because it is the same quality and standard as the one in Germany .

“This is because the products raw materials such as oils, and fragrances are imported, the standard , quality and the smell has to be the same like others from the production facilities in Germany ,’ she added. Gunther commended steps taken by president Bola Tinubu to reform the country’s economy.

” For production facility, you need investment, and of course, foreign direct investment, which is also very much needed in order to boost the economy which depends on the investment conditions.

“We have seen improvements under the new administration. Very important economic reform steps have been taken. “But, as I said, this depends on the investment climate, which is improving already. ” As you know, we have the forex issue, and also I must say, the environment must be conducive,” she reiterated.

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