22 German firms to invest in Nigeria as trade volume hits £3bn

The Nigerian Investment Promotion Commission (NIPC) says it is partnering with investors from Germany to shore up the country’s investment drive as trade volume between the two countries hit over £3 billion Euros

Executive Secretary of the Commission, Mrs Aisha Rimi stated this in Abuja at a private sector dialogue with over 22 companies from Germany and Europe who have shown interest to invest in Nigeria.

In his remarks, the minister of foreign Affairs, Yusuf M. Tuggar stated that “The bilateral relationships of Nigeria and European countries is reflected in the fact that three of the five top export destinations of Nigeria in the fourth quarter of year 2022 are from European Community member states. He added, “The country’s total trade volume to Nigeria in year 2022 was 3 billion Euro while Nigeria exports to Germany at the corresponding year was US$806 33 Million.”

Executive Secretary of NIPC, Aisha Rimi noted that the Commission has held meetings with states to find areas of Competitive advantages and have made the details available for prospective investors.

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Similarly, leader of the German delegation to Nigeria, Micheal Schmidt said the over 22 companies in Nigeria have visited different states and have expressed willingness to invest in different sectors of the economy.