Nigeria-Germany Trade Volume Hit $3bn In 2023
The Consulate-General of the Federal Republic of Germany in Lagos, Weert Borner, has said that the trade volume between Nigeria and Germany rose to $3bn in 2023 with Nigeria benefiting more from the trade pact.
He added that crude oil and food product exports to Germany from Nigeria within the period under review stood at $2bn while $1bn was mainly machinery and chemicals that came from Germany to Nigeria.
Borner disclosed this on Monday during a press briefing to herald the 11th German-Nigerian Business Forum scheduled in October at the Lagos.
The group would also mark the 12th edition of the West African Clean Energy and Environment Exhibition and Conference the same month in Lagos.
Borner explained that with over 90 active German companies in Nigeria, Germany is looking forward to diversifying and increasing its investment portfolio despite the harsh business terrain for businesses in the country.
“The annual trade volume was $3bn in 2023 and about $2bn going from Nigeria to Germany strictly based on oil products, some food products and other mixed products.
“$1bn of the trade volume from Germany to Nigeria was mainly machinery and chemicals. It is an ongoing process to diversify and also to get more companies involved in the forum,” he said.
Giving details of the business forum, he said it is an annual conference organised by the delegation of German Industry and Commerce in Nigeria supported by the German Federal Ministry for Economic Affairs and Climate Action, German Missions in Nigeria, and German-Nigeria Chamber of Commerce, among others.
Earlier, a delegate from German Industry and Commerce in Nigeria, Timo Pleyer, stated that the conference aims to create a platform that brings together diverse arrays of high-ranking representatives and decision-makers from both the Nigerian and German public and private sectors to discuss topical issues.
“It also aims to highlight opportunities for Nigerian-German partnerships across various business sectors,” Pleyer said.
According to him, industry experts from Germany and Nigeria would be leading the panel of discussions at the 11th German-Nigerian Business Forum adding that it would focus on expert dialogue and outlook on Nigeria’s future.
“The key topics to be discussed include, agribusiness and food processing, energy-renewable and energy efficiency, construction, and technical vocational education and training,” he stated.
On his part, the Project Manager of Competence Centre Energy and Environment, a delegation of German Industry and Commerce in Nigeria, Hilary Elegeonye, said WACCE, which is a global event, expects companies from different countries across the globe.
“We are offering reduced prices for Nigerian companies because we understand that it would be nice for us to have a balanced mix of Nigerian and foreign companies.
“We want to see more Nigerian companies so that they can also exchange ideas with foreign companies to boost investments,” he said.
