Nigeria's Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has extended an invitation to German companies to invest more actively in the country's industrial sector. This invitation was issued during the Germany–Nigeria Industrial Technology Conference held in Abuja, themed "Business Meets Nigeria." The event was organized by the German Engineering Federation, known as VDMA, in collaboration with the German Embassy in Nigeria.
The conference brought together Nigerian and German business owners, government officials, bankers, and industry leaders to discuss industrial investment, technology transfer, and infrastructure projects. This gathering was part of a broader business trip by fourteen top German companies operating in cement, mining, construction, and industrial technology. These companies had previously met with Nigerian firms in Lagos before proceeding to Abuja for the conference.
Senator Bagudu highlighted the economic reforms implemented by President Bola Ahmed Tinubu, aimed at removing barriers that have discouraged investors, strengthening the business environment, and providing room for the private sector to grow. The government's objective is to create an economy where businesses can invest freely, expand operations, and create jobs for Nigerians.
According to Senator Bagudu, Nigeria's goal of achieving a $1 trillion economy by 2030 cannot be realized without strong support from the private sector, increased local production of goods, and significant investment in manufacturing, mining, construction, and infrastructure. He emphasized that this presents real opportunities for German firms with expertise in industrial machinery, equipment, and processing technology.
Senator Bagudu called for well-planned, bankable projects that can attract various types of financing, including export credit facilities, development bank loans, commercial lending, and guarantees. He cited a 300 million euro German export credit guarantee scheme as evidence of the growing financial partnership between both countries.
Dr. Chux Onaa, leader of the VDMA delegation, noted that German machinery and equipment makers have extensive experience in materials handling, cement and mineral processing, digital technology, and environmental solutions. These areas can help Nigerian industries increase production and compete more effectively globally. VDMA remains committed to converting discussions from the conference into tangible technology transfer deals and business partnerships.
The conference concluded with both countries agreeing to continue collaboration, aiming to transform their long-standing relationship into concrete industrial projects. These projects are expected to boost local production, strengthen competitiveness, and support Nigeria's long-term economic growth. Ambassador Johannes Lehne, Deputy Head of Mission at the German Embassy, expressed that Nigeria's economic reforms have already enhanced trade and made it easier to do business in the country.
Key points
- Nigeria aims to build a $1 trillion economy by 2030.
- German companies are being invited to invest in Nigeria's industrial sector.
- The conference aimed to facilitate industrial investment, technology transfer, and infrastructure projects between Nigeria and Germany.
