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Germany pledges N48bn to Nigeria for economic development

The Federal Republic of Germany has pledged a sum of N48 billion (€101 million) in 2021 and 2022 to support Nigeria in its growth recovery…

The Federal Republic of Germany has pledged a sum of N48 billion (€101 million) in 2021 and 2022 to support Nigeria in its growth recovery from the COVID-19 pandemic.

The disclosure was made during the end of a two days bilateral agreement between representatives of Germany and the Minister of State for Budget and National Planning, Prince Clem Agba.

In a virtual presentation on Tuesday, the Head of Division  West Africa II, Federal Ministry for Economic Cooperation and Development, Lars Wilke said the objective of the agreement is to create employment opportunities for youth and women.

Wilde stated the first priority of the agreement is to train and sustain growth by investing in vocational training and education as well as develop the private and financial sector.

He said the aim is  to support inclusive and sustainable growth in Nigeria that leaves no one behind and support initiatives for reintegration of returning migrants into Nigeria, food security, agricultural development among others.

“The German government is promising for 2021 and 2022 a total amount of about €40 million euros for technical and financial cooperation. In addition, the German Development Corporation plans to provide additional funds of around 61 million for agriculture and food security for refugees and host communities and for the transitional systems that we have provided in the North East.”

He added that the fund would invest in climate and energy because renewable energy is important for sustainable economic growth.

On his part, the minister said the proposed spending aligned with President Buhari’s developmental priorities to bring 100 million Nigerians out of poverty in 10 years.

He also disclosed that Germany pledged 1 million COVID vaccines to Nigeria.

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