The German Ambassador to Nigeria, Mrs. Annett Gunther, announced that trade relations between the Federal Republic of Nigeria and the Federal Republic of Germany currently stand at approximately three billion euros.
In an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, Gunther highlighted the significant growth in trade between the two nations. The trade relations, which were valued at two billion euros in 2022, have now increased to three billion euros, with the balance of trade favoring Nigeria primarily due to crude oil exports.
Gunther emphasized the potential for further improvement in trade relations, particularly in the agricultural sector. She pointed out that enhancing cooperation in agriculture could aid in food security in Nigeria and boost the export of processed agricultural products.
“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,” Gunther stated. She underscored the importance of creating value within Nigeria to generate more jobs and reduce the export of raw products.
The German envoy mentioned that their development cooperation program in agriculture focuses on supporting small and medium-sized enterprises (SMEs) within the sector. This includes participation in trade fairs like the agri-food festival in Lagos, where German companies have a significant presence.
Gunther also highlighted the role of the German Chamber of Trade and Commerce in Lagos, which represents German businesses in Nigeria. There are about 90 German companies with representative offices in Nigeria, engaging in both trading and production activities.
She noted that companies like Nivea have established modern production facilities in Nigeria. “Nivea products such as lotions and creams are produced in Lagos, maintaining the same quality and standards as those produced in Germany,” Gunther added.
The ambassador praised President Bola Tinubu’s economic reforms, acknowledging the positive steps taken to improve Nigeria’s investment climate. “We have seen improvements under the new administration. Very important economic reform steps have been taken,” she said.
However, Gunther stressed that continued improvement of the investment climate is essential, mentioning issues such as the forex challenge and the need for a conducive environment for investment.
“For production facilities, you need investment, and of course, foreign direct investment, which is very much needed to boost the economy. This depends on the investment conditions, which are improving already,” Gunther concluded.
