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50 German firms storm Nigeria for investment

By Franklin Alli
Fifty  German firms would be coming to    Nigeria to scount for investment opportunities under the auspices of the German Business Forum holding next month in Abuja

The Attachée for Economic and  Development Affairs, Embassy of the Federal Republic of Germany, Ms Christina Jockie disclosed this when she led a delegation of  the German – Africa Business Association on a courtesy visit to the Minister of State for Commerce and Industry, Mr. Humphrey Abah

Consul General, Federal Republic of germany, Walter von den Driesch
Consul General, Federal Republic of germany, Walter von den Driesch

Jockie said fifty  German companies had indicated interest to participate in the forum in Nigeria, and that they will be led by the German State Secretary for Ministry of Economy and Technology.

She pointed out that the companies are  cooperating with the Nigeria embassy in Berlin, German Embassy in Abuja, Nigeria Investment Promotion Council (NIPC) and German Federal Ministry of Economy and Technology to host the event.
Responding, Abah  prayed that the Business Forum will actually lead to more cooperation in the manufacturing of consumable items in Nigeria, not outpost for sales of  products from Germany.

He  urged German – Nigeria Business Forum to facilitate investment in the production sector of the country.
The Minister pointed out that Nigeria’s drive for development is geared toward increasing capacity in manufacturing of consumables and power products.

He noted that the world has become a global village and prosperity of  one country indirectly impact on the well being and prosperity of others. That is one of the driving forces behind the elimination of poverty across the continent by most advance nations.

The Minister noted that German companies that are operating in Nigeria have success story to tell as brand leaders in Nigeria adding that he  would want to see them participating actively in the development of the Nigeria. He advised that German companies should participate in the power generation sector of the Nigeria economy.

He therefore urged the Association to facilitate the entry of Commerce Bank of Germany and other financial institutions into Nigeria and increase capital availability for businesses and production in the country.

Meanwhile, recent trade statistic (2007)showed that Nigeria’s exports to Germany amounted to 911,5 million Euro, a decrease of 35% compared to 2006. Imports from Germany have increased by 10% to 1083,3 million Euro. Data for the first half of 2008 is not yet available.

In 2006, the trade figure was in favour of Nigeria, with exports to Germany amounting to 1402,6 million Euro and imports from Germany worth 973,9 million Euro. The different trade figure for 2007 is mainly due to lower oil exports to Germany and higher imports of semi-finished goods.


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