Nigeria's Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has expressed the country's commitment to strengthening its economic and industrial ties with Germany. He made this statement at the Germany/Nigeria Industrial Technology Conference, "Business Meets Nigeria," held in Abuja. The conference was organized by the German Engineering Federation (VDMA) in collaboration with the Embassy of the Federal Republic of Germany in Nigeria.
The conference brought together government representatives, German engineering and technology companies, Nigerian businesses, financial institutions, and industry stakeholders. The goal was to explore opportunities for industrial investment, technology transfer, infrastructure development, and stronger economic cooperation between Nigeria and Germany. A high-level mission by 14 leading German companies in the cement, mining, construction, and industrial technology sectors also engaged Nigerian companies and stakeholders across Lagos and Abuja.
Senator Bagudu highlighted President Bola Ahmed Tinubu's bold economic reforms aimed at removing structural distortions, strengthening the investment environment, and restoring confidence in the private sector. The government's objective is to build an economy where private enterprise can invest, expand productive capacity, generate jobs, and create value. Nigeria's ambition to build a $1 trillion economy by 2030 requires strong private-sector participation, greater domestic value addition, and increased investment in manufacturing, mining, construction, and infrastructure.
Senator Bagudu emphasized the importance of bankable, investment-ready projects and appropriate financing mechanisms, including export credit, development finance, commercial lending, and guarantees. He cited the €300 million German export credit guarantee framework as an important component of the growing economic partnership between Nigeria and Germany. This framework is expected to support Nigeria's productive capacity, competitiveness, and sustainable economic transformation.
Dr. Chux Onaa, Head of the VDMA delegation, noted that German machinery and equipment manufacturers can support Nigeria's industrial ambitions by delivering solutions that enhance productivity, reliability, and long-term competitiveness. Their expertise spans materials handling, cement and minerals processing, digitalization, and environmental technologies. Dr. Onaa reaffirmed VDMA's commitment to translating this engagement into concrete opportunities for technology transfer, investment, and industrial collaboration.
Ambassador Johannes Lehne, Deputy Head of Mission at the German Embassy in Nigeria, reiterated the strength of the Nigeria/Germany bilateral relationship. He noted that Nigeria's economic reforms have boosted trade and improved the ease of doing business. Ambassador Lehne highlighted the range of financial instruments now available to German and Nigerian companies to scale up private-sector partnerships, providing competitive financing for their projects.
The conference demonstrated both countries' commitment to deepening economic and industrial cooperation and translating their longstanding relationship into concrete investment, technology, and industrial partnerships. These partnerships aim to support Nigeria's productive capacity, competitiveness, and sustainable economic transformation, ultimately contributing to a better society. The collaboration is expected to foster economic growth, create jobs, and improve the overall quality of life for Nigerians.
Key points
- Nigeria's Minister of Budget and Economic Planning reaffirms commitment to deepening economic and industrial cooperation with Germany.
- The conference aims to translate longstanding Nigeria/Germany relationship into concrete investment, technology, and industrial partnerships.
- Nigeria and Germany explore opportunities for industrial investment, technology transfer, and infrastructure development.
