Nigeria woos 14 German firms for industrial investments

The Federal Government of Nigeria is actively pursuing industrial investments from Germany through 14 leading German companies, exploring opportunities in various sectors including cement, mining, construction, and industrial technology. The Minister of Budget and Economic Planning, Abubakar Bagudu, emphasized Nigeria's commitment to deepening economic and industrial cooperation with Germany at the Germany-Nigeria Industrial Technology Conference, held in Abuja.

The conference served as a part of a high-level mission by the German companies to identify partnerships for investment and industrial development. Nigeria aims to leverage its relationship with Germany to attract significant investments, technology transfers, and industrial partnerships that will boost its productive capacity and competitiveness.

Bagudu highlighted the importance of private-sector participation, domestic value addition, and increased investments in productive sectors for achieving Nigeria's goal of becoming a $1tn economy by 2030. He also acknowledged President Bola Tinubu's economic reforms aimed at removing structural distortions and improving the investment environment.

The conference, hosted by the German Engineering Federation (VDMA) in collaboration with the Embassy of Germany in Nigeria, gathered government representatives, German engineering and technology companies, Nigerian businesses, financial institutions, and other industry stakeholders. The Head of the VDMA delegation, Dr. Chux Onaa, emphasized the potential of German machinery and equipment manufacturers to contribute to Nigeria's industrial development through expertise in materials handling, cement and minerals processing, digitalization, and environmental technologies.