NIGERIA SEEKS GERMAN INVESTMENT IN INDUSTRIAL SECTOR

The Federal Government is seeking to attract investment from 14 German companies as Nigeria looks to expand industrial cooperation and strengthen its productive capacity.

The companies, operating in areas including cement, mining, construction and industrial technology, are exploring investment and partnership opportunities with Nigerian businesses and other stakeholders.

Minister of Budget and Economic Planning, Abubakar Bagudu, made this known at the Germany-Nigeria Industrial Technology Conference, “Business Meets Nigeria,” held in Abuja.

Bagudu said the government wanted to translate Nigeria’s longstanding relationship with Germany into investments, technology transfers and industrial partnerships.

He identified manufacturing, mining, construction, infrastructure, industrial technology, equipment and processing as sectors with opportunities for German investors.

The minister said greater private-sector participation and investment in productive sectors would be important to Nigeria’s ambition of becoming a $1tn economy by 2030.

He also highlighted financing as a key requirement for industrial investments, pointing to export credit, development finance, commercial lending and guarantees as possible funding mechanisms.

Bagudu cited Germany’s €300m export credit guarantee framework as part of the expanding economic relationship between both countries.

The conference, hosted by the German Engineering Federation in collaboration with the German Embassy in Nigeria, brought together government officials, German technology firms, Nigerian businesses and financial institutions.

The participants discussed industrial investment, technology transfer, infrastructure development and financing, with German manufacturers expressing interest in supporting Nigeria’s industrial development.