Nigeria woos 14 German firms for industrial investments
Nigeria woos 14 German firms for industrial investments
The Federal Government has intensified efforts to attract industrial investments from Germany as 14 leading German companies explore opportunities in Nigeria’s cement, mining, construction and industrial technology sectors.
The Minister of Budget and Economic Planning, Abubakar Bagudu, reaffirmed Nigeria’s commitment to deepening economic and industrial cooperation with Germany during the Germany-Nigeria Industrial Technology Conference, “Business Meets Nigeria,” held in Abuja on Friday.
This was disclosed in a statement issued on Sunday by the ministry.
According to the statement, the conference formed part of a high-level mission by 14 German companies, which held engagements with Nigerian businesses and other stakeholders in Lagos and Abuja to identify opportunities for investment and industrial development.
The statement read, “The gathering formed part of a high-level mission by 14 leading German companies in the cement, mining, construction and industrial technology sectors, who engaged Nigerian companies and stakeholders across Lagos and Abuja to identify partnerships for investment and industrial development.”
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Bagudu said Nigeria was seeking to translate its longstanding relationship with Germany into concrete investments, technology transfers and industrial partnerships capable of strengthening the country’s productive capacity and competitiveness.
He highlighted opportunities for German investors in manufacturing, mining, construction, infrastructure, industrial technology, equipment and processing as Nigeria pursues its ambition of becoming a $1tn economy by 2030.
The minister said achieving the target would require significant private-sector participation, increased domestic value addition and greater investments in productive sectors.
According to the statement, Bagudu highlighted President Bola Tinubu’s economic reforms, which he said were aimed at removing structural distortions, improving the investment environment and restoring private-sector confidence.
He stated that the government’s objective was to build an economy where private enterprises could “invest, expand productive capacity, generate jobs and create value.”
The minister also identified financing as a critical component of efforts to attract and sustain industrial investments.
He stressed the need for bankable and investment-ready projects alongside financing mechanisms such as export credit, development finance, commercial lending and guarantees.
Bagudu cited Germany’s €300m export credit guarantee framework as an important component of the expanding economic relationship between both countries.
The conference was hosted by the German Engineering Federation, known as VDMA, in collaboration with the Embassy of the Federal Republic of Germany in Nigeria.
It brought together government representatives, German engineering and technology companies, Nigerian businesses, financial institutions and other industry stakeholders to discuss industrial investment, technology transfer, infrastructure development and economic cooperation.
The Head of the VDMA delegation, Dr Chux Onaa, said German machinery and equipment manufacturers could contribute to Nigeria’s industrial development through their expertise in materials handling, cement and minerals processing, digitalisation and environmental technologies.
According to him, such technologies could provide solutions that improve productivity, reliability and Nigeria’s long-term industrial competitiveness.
Onaa also reaffirmed VDMA’s commitment to converting the engagements into opportunities for technology transfer, investment and industrial collaboration.
