Nigeria-Germany Trade Volume Hits €3bn

Michael Olugbode in Abuja

The volume of trade between Nigeria and Germany hit €3 billion in 2022, the German Ambassador to Nigeria, Annett Günther, disclosed yesterday.
Speaking during a parley with the media in Abuja, the envoy revealed that Germany’s main export to Nigeria were machines (28%), food products (20%) and chemical products (19%), while Nigeria’s main exports to Germany were crude oil (83%), food products (12%), other raw materials (4%).
The envoy also revealed that no fewer than 90 German companies presently operates in the country with over 17,000 jobs directly created and minimum 10-fold indirectly.

She noted that all the European Union countries put together generated around 160,000 jobs in Nigeria, adding that Germany has invested over €600 million in development projects across all sectors of Nigeria’s economy, making it the second biggest donor.

She explained that this was beside the €620 million pledged to Economic Community of West African States (ECOWAS).
She revealed that in terms of humanitarian assistance, Germany remains the second biggest trading partner of Nigerians with €50 million in 2022 on activities such as protection, food security, health and shelter that save lives every day.

She also expressed willingness of Germany to increase the trade volume with Nigeria.
She added: “The occasion is a positive one:  The new Nigerian Government under the leadership of Bola Tinubu has embarked on a difficult but worthwhile journey.

“He wants to reshape and modernise the economy and secure the lives, liberty and property of the people. He announced bold reforms which would be necessary to place the nation on the path of prosperity and growth.

“I will not cite everything he said in his inaugural speech and most recently in his speech on the occasion of the 63rd Independence Day.
“We are convinced that this is a good time to deepen and intensify the close and cordial relations between Germany and Nigeria that have existed since Nigeria’s Independence, and to look for ways to further strengthen our partnership.”

The envoy also disclosed that 2000 Nigerians passed the German language examinations at the Goethe Institute in 2022, while about 4,000 Nigerians Students in Germany.