German Ambassador to Nigeria, Annett Gunther
Trade relations between Nigeria, Germany reach €3 billion
Trade relations between Nigeria and Germany have seen significant growth, reaching €3 billion in 2023, up from €2 billion in 2022.
German Ambassador to Nigeria, Annett Gunther, announced the increase in an interview on Sunday in Abuja, highlighting the potential for further improvement, particularly in the agricultural sector.
Ambassador Gunther noted that the balance of trade is currently in favour of Nigeria, primarily due to crude oil exports.
However, she emphasized the opportunities for enhancing trade relations through the agricultural sector, which could benefit both nations.
She said: “Agriculture is a very good area for cooperation. Not only can we help in the area of food security, which is important to Nigeria, but also in improving the export of processed products.
“Instead of selling more raw products, we aim for more value creation within the country to create more jobs.”
She added that as part of the development cooperation between the two countries, Germany has launched programs focusing on the agricultural value chain, supporting small and medium-sized enterprises (SMEs) in this sector.
”These initiatives aim to bolster local processing and value addition, thereby enhancing Nigeria’s export capabilities and job creation,” she noted.
Gunther highlighted the participation of German delegations in trade fairs in Lagos, such as the agri-food festival, where German companies have established a significant presence with one of the largest pavilions.
She said the German Chamber of Trade and Commerce in Lagos represents the companies, facilitating their engagement in Nigeria.
Germany currently has about 90 companies with representative offices in Nigeria. While some are involved in trading, others have set up production facilities, contributing to the local economy.
Gunther praised President Bola Tinubu’s economic reforms, noting their positive impact on the investment climate in Nigeria.
“We have seen improvements under the new administration. Very important economic reform steps have been taken,” she said.
“However, this depends on the investment climate, which is already improving. As you know, we have the forex issue, and the environment must be conducive,” she added.
In a related development, the Chief of Mission of the Taiwanese Government in Nigeria, Andy Liu, recently revealed that the trade volume between Nigeria and Taiwan reached $500 million in 2023.
Liu made this statement on the sidelines of the 2024 Taiwan Business Forum in Nigeria.
He noted that the trade volume experienced a decline from $1 billion in 2021, attributing the decrease to imports from Nigeria matching Taiwan’s demand for imported agricultural products.