The Federal Government of Nigeria has intensified efforts to attract industrial investments from Germany, with 14 leading German companies exploring opportunities in Nigeria's cement, mining, construction, and industrial technology sectors. This was disclosed in a statement issued by the Ministry of Budget and Economic Planning on Sunday. The Minister of Budget and Economic Planning, Abubakar Bagudu, reaffirmed Nigeria's commitment to deepening economic and industrial cooperation with Germany during the Germany-Nigeria Industrial Technology Conference.
The conference, held in Abuja on Friday, formed part of a high-level mission by the 14 German companies, which held engagements with Nigerian businesses and other stakeholders in Lagos and Abuja to identify opportunities for investment and industrial development. According to the statement, the gathering aimed to translate Nigeria's longstanding relationship with Germany into concrete investments, technology transfers, and industrial partnerships capable of strengthening the country's productive capacity and competitiveness.
Bagudu highlighted opportunities for German investors in manufacturing, mining, construction, infrastructure, industrial technology, equipment, and processing as Nigeria pursues its ambition of becoming a $1 trillion economy by 2030. He stated that achieving the target would require significant private-sector participation, increased domestic value addition, and greater investments in productive sectors. The minister also identified financing as a critical component of efforts to attract and sustain industrial investments.
The minister stressed the need for bankable and investment-ready projects alongside financing mechanisms such as export credit, development finance, commercial lending, and guarantees. He cited Germany's €300 million export credit guarantee framework as an important component of the expanding economic relationship between both countries. This framework is expected to provide a boost to Nigeria's industrial development.
The conference was hosted by the German Engineering Federation, known as VDMA, in collaboration with the Embassy of the Federal Republic of Germany in Nigeria. It brought together government representatives, German engineering and technology companies, Nigerian businesses, financial institutions, and other industry stakeholders to discuss industrial investment, technology transfer, infrastructure development, and economic cooperation.
The Head of the VDMA delegation, Dr. Chux Onaa, said German machinery and equipment manufacturers could contribute to Nigeria's industrial development through their expertise in materials handling, cement and minerals processing, digitalization, and environmental technologies. According to him, such technologies could provide solutions that improve productivity, reliability, and Nigeria's long-term industrial competitiveness.
Onaa also reaffirmed VDMA's commitment to converting the engagements into opportunities for technology transfer, investment, and industrial collaboration. The Nigerian government is optimistic that the engagements with the German companies will yield significant results and contribute to the country's economic growth. The government is seeking to build an economy where private enterprises can invest, expand productive capacity, generate jobs, and create value.
Key points
- Nigeria seeks to attract investments from 14 leading German companies in various sectors.
- The government aims to translate Nigeria's longstanding relationship with Germany into concrete investments and industrial partnerships.
- Germany's €300 million export credit guarantee framework is expected to boost Nigeria's industrial development.
