Nigeria is seeking to deepen industrial and economic ties with Germany as 14 major German companies explore investment opportunities in sectors including cement production, mining, construction and industrial technology.
The push formed part of discussions at the Germany-Nigeria Industrial Technology Conference, tagged “Business Meets Nigeria,” held in Abuja.
Speaking at the event, the Minister of Budget and Economic Planning, Abubakar Bagudu, said the Federal Government is committed to transforming long-standing diplomatic relations with Germany into practical investments and industrial partnerships capable of boosting Nigeria’s productive capacity.
Bagudu noted that the country is actively encouraging foreign investors to participate in manufacturing, mining, infrastructure development and industrial processing as part of broader efforts to strengthen economic growth.
He said Nigeria’s ambition of becoming a one-trillion-dollar economy by 2030 would require substantial private-sector investment, increased value addition and technology transfer across strategic sectors.
According to the minister, ongoing economic reforms are aimed at creating a more attractive business environment where investors can confidently expand operations, create jobs and support industrial development.
Bagudu also highlighted the importance of financing mechanisms in attracting large-scale investments, stressing the need for bankable projects backed by export credit guarantees, development finance and commercial lending facilities.
He pointed to Germany’s €300 million export credit guarantee framework as a significant tool for strengthening economic cooperation between both countries.
The conference brought together representatives of German and Nigerian businesses to identify areas of collaboration and investment.
Head of the German Engineering Federation (VDMA) delegation, Dr Chux Onaa, said German manufacturers possess expertise that could contribute significantly to Nigeria’s industrial growth.
According to him, German firms can support local industries through advanced solutions in cement and mineral processing, materials handling, environmental technology and digitalisation.
The engagement is expected to pave the way for stronger industrial partnerships as Nigeria seeks to diversify its economy and attract more foreign direct investment.
