Nigeria-Germany Trade Volume Reaches €3bn

By Adedapo Adesanya

The German Ambassador to Nigeria, Mrs Annett Gunther, has disclosed that the Nigeria-Germany trade volume currently stands at about €3 billion.

Mrs Gunther, who made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, said that the trade relations between both countries had grown over the years.

Specifically, she said the trade relations grew from €2 billion in 2022 to the current figure of €3 billion, with the balance of trade in favour of Nigeria because of crude oil export

She said there was the potential for improvement in trade relations, which both countries were 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.

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

The envoy said that many German delegations had attended trade fairs 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.

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

“Nivea is one of the German companies that has a huge modern production facility in Nigeria. Nivea products such as lotions and creams are German products 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 as others from the production facilities in Germany,’ she added.

Mrs 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 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.