Nigeria seeks industrial partnerships as 14 German firms assess investment opportunities
Nigeria is seeking to convert its longstanding relationship with Germany into industrial investment, technology transfer and new partnerships, the Budget and Economic Planning Minister, Abubakar Bagudu, said. Fourteen German companies visited Lagos and Abuja to examine opportunities in cement, mining, construction and industrial technology, according to the ministry.
Nigeria is seeking to attract industrial investment from Germany after 14 companies held meetings with Nigerian businesses and public-sector stakeholders in Lagos and Abuja, the Ministry of Budget and Economic Planning said. The companies, which operate in cement, mining, construction and industrial technology, took part in a high-level mission linked to the Germany-Nigeria Industrial Technology Conference, “Business Meets Nigeria”, held in Abuja on Friday. Minister Abubakar Bagudu said Nigeria wanted to turn its relationship with Germany into practical investments, technology transfers and industrial partnerships.
He identified manufacturing, mining, construction, infrastructure, equipment, processing and industrial technology as areas where German companies could participate. Bagudu said greater private-sector involvement and domestic value addition would be needed to support Nigeria’s ambition of becoming a $1tn economy by 2030. He also said the government’s economic reforms were intended to address structural distortions, improve the investment environment and restore confidence among private businesses.
The minister described financing as a central issue for attracting and sustaining industrial projects. He called for bankable, investment-ready proposals supported by export credit, development finance, commercial lending and guarantees. He cited Germany’s €300m export credit guarantee framework as part of the expanding economic relationship between the two countries.
The conference was hosted by the German Engineering Federation, known as VDMA, with the German Embassy in Nigeria. It brought together government representatives, engineering and technology companies, Nigerian businesses, financial institutions and other stakeholders. Dr Chux Onaa, who led the VDMA delegation, said German machinery and equipment manufacturers could support Nigeria in materials handling, cement and minerals processing, digitalisation and environmental technologies.
He said VDMA intended to develop the discussions into technology-transfer, investment and industrial-collaboration opportunities.
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