“The trade relations between the Federal Republic of Nigeria and the Federal Republic of Germany currently stand at about three billion euros.” – Mrs. Annett Gunther, German Ambassador to Nigeria.
Gunther made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, stating that “the trade relations between both countries had grown over the years.” Specifically, she noted that “the trade relations grew from two billion euros in 2022 to the current figure of three billion euros, with the balance of trade in favor of Nigeria because of crude oil export.”
There is potential for improvement in trade relations, which both countries are currently working on, especially in the area of 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 the improvement of export of processed products. Instead of selling more raw products, we will have more value creation within the country to create more jobs.”
The envoy highlighted that “as part of our development cooperation, we have a program in agriculture that also focuses on exactly that value chain, which supports small and medium-sized enterprises in the sector.”
Many German delegations have attended trade fairs in Lagos, including the agri-food festival, where German companies participated and had one of the biggest pavilions.
The German Chamber of Trade and Commerce in Lagos represents German companies in the country. “Germany has about 90 companies with their representative offices in Nigeria, and while some engage in trading, 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 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 percent identical because it is the same quality and standard as the one in Germany.”
Gunther commended President Bola Tinubu’s efforts to reform the country’s economy. “For production facilities, you need investment, and of course, foreign direct investment, which is also very much needed 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.”
All this trade relationship are good but how does this affect an ordinary Nigerian, we don’t see the effect of all of these
This Germany and Nigerian bilateral relations would be beneficial to us all though
This is good innovation but l dont think it has any effect on Nigerians..
Until I begin to feel the effects from my place here nothing to celebrate
Hmmmm it is well with Nigeria
This new government are really trying their best sha
Government is trying, but Sha this country problem just too much.
With this money generated
Make dem use am well sha
Make dem create Job as dem anticipate
It’s good if this money generated from trade relationship with other countries is used to boost the economy of Nigeria. Instead of exporting some of our raw material, we can create industries here to processed them into finished products and even export them at a higher rate. It will boost foreign reserves and give room for more foreign direct investment.
It will be good to put the country economy but some people’s mind is not there