The German Ambassador to Nigeria, Mrs. Annett Gunther, stated that trade relations between Nigeria and Germany currently amount to approximately three billion euros. In an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday, Gunther highlighted the growth of trade relations, noting an increase from two billion euros in 2022 to the present three billion euros, with the balance of trade favoring Nigeria due to crude oil exports.
Gunther emphasized the potential for further improvement in trade relations, particularly in the agricultural sector. She remarked, “Agriculture is a very promising area for cooperation. It not only supports food security in Nigeria but also enhances the export of processed products. This shift from exporting raw products to creating value within the country will help generate more jobs.”
She mentioned that as part of development cooperation, there is an agricultural program focusing on value chains that support small and medium-sized enterprises in the sector.
Gunther noted that several German delegations have participated in trade fairs in Lagos, including the agri-food festival, where German companies had one of the largest pavilions. She explained that the German Chamber of Trade and Commerce in Lagos represents German companies operating in Nigeria. Currently, around 90 German companies have representative offices in Nigeria, engaging in both trading and production activities.
She cited Nivea as an example of a German company with a significant production facility in Nigeria. Nivea’s lotions and creams produced in Lagos maintain the same quality and standards as those produced in Germany, using imported raw materials like oils and fragrances.
Gunther praised the economic reforms initiated by President Bola Tinubu, stating, “For a production facility, you need investment, particularly foreign direct investment, which is essential for boosting the economy. The new administration has made significant economic reforms, improving the investment climate, although challenges like the forex issue remain. The environment must be conducive to attract further investments.”