The trade volume between Germany and Nigeria has reached an impressive €3 billion, solidifying Germany’s position as Nigeria’s second-largest trading partner in sub-Saharan Africa. According to German Ambassador to Nigeria, Annett Günther, this milestone underscores the strong economic ties between the two nations.
The trade relationship between Germany and Nigeria is characterized by German exports of machines (28%), food products (20%), and chemical products (19%), while Nigeria exports crude oil (83%), food products (12%), and other raw materials (4%). Over 90 German companies operate in Nigeria, directly creating around 1,700 jobs and indirectly contributing to at least 10-fold more employment opportunities.
Germany’s Foreign Direct Investment (FDI) in Nigeria is set to surpass the €1 billion mark. The two countries have a bilateral energy partnership aimed at enhancing renewable energy production and improving energy efficiency. Germany has also invested €600 million in ongoing projects, making it the second-largest donor.
The growing trade relationship between Germany and Nigeria demonstrates a strong foundation for future cooperation. As Ambassador Günther noted, “We are convinced that this is a good time to deepen and intensify the close and cordial relations between Germany and Nigeria”
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