New Telegraph

Germany, Nigeria Trade Relations Hits €3bn – Envoy

The German Ambassador to Nigeria, Mrs Annette Gunther, says trade relations between Federal Republic of Nigeria and Federal Republic Germany currently stands at about €3 billion.

Gunther, who made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, said that the trade relations between both countries had grown over the years.

Specifically, she said the trade relations grew from two billion euros in 2022 to the current figure of three billion euros with balance of trade in favour of Nigeria because of crude oil export.

She said there was the potential for improvement on trade relations, which both countries were currently working on, especially in the area of agriculture.

“I think agriculture is a very good area for cooperation, not only because we can help in the area of food security, which is important to Nigeria, but also in improvement of export of processed products.

“Instead of selling more raw products, we will have more value creation within the country to creates more jobs. “As part of our development cooperation , we have a programme in agriculture that also focuses on exactly that value chain, which supports small and medium size enterprises in the sector,” she said.

The envoy said that many German delegations had attended Trade fairs in Lagos, like the agri food festival with German companies participating and having one of the biggest pavilions. She further explained that the German Chamber of Trade and Commerce in Lagos represented German companies in the country.

According to her , Germany has about 90 companies with its representative offices in Nigeria adding that while some engaged trading, some others have production facilities. “Nivea is one of the German companies that has a real huge modern production facility in Nigeria.

Nivea products such as the lotions and creams are German products that are produced in Lagos . “They have production facilities in Germany and these products produced in Nigeria are almost 100 per cent identical because it is the same quality and standard as the one in Germany .

Read Previous

NDLEA Declares Couple Wanted, Arrests 4 Cartel Members Over Cocaine Seizures

Read Next

Man Dies While Watching Football In Bar