Envoy: Nigeria-Germany trade relations hit €3bn

German Ambassador to Nigeria Annett Gunther says trade relations between Nigeria and Germany currently stand at about three billion euros.

Gunther disclosed this in an interview with NAN in Abuja on Sunday, May 19, 2024.

The German envoy revealed that the trade relations between Nigeria and Germany grew from two billion euros in 2022 to the current figure of three billion euros with the balance of trade in favour of Nigeria because of crude oil export.

She said there was the potential for improvement in trade relations, which both countries were currently working on, especially in the area of agriculture.

Gunther said: “I think agriculture is a very good area for cooperation, not only because we can help in the area of food security, which is important to Nigeria, but also in improvement of export of processed products.

“Instead of selling more raw products, we will have more value creation within the country to create more jobs.

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“As part of our development cooperation, we have a programme in agriculture that also focuses on exactly that value chain, which supports small and medium-size enterprises in the sector.”

The envoy noted that many German delegations had attended trade fairs in Lagos, like the agricultural food festival with German companies participating and having one of the biggest pavilions.

She explained that the German Chamber of Trade and Commerce in Lagos represented German companies in the country.

Gunther further disclosed that Germany has about 90 companies with representative offices in Nigeria, adding that while some engage in trading, others have production facilities.

Gunther said: “Nivea is one of the German companies that has a real huge modern production facility in Nigeria. Nivea products such as lotions and creams are German products that are produced in Lagos.

“They have production facilities in Germany and these products produced in Nigeria are almost 100 per cent identical because it is the same quality and standard as the one in Germany.

“This is because the products’ raw materials such as oils and fragrances are imported. The standard, quality, and smell have to be the same as others from the production facilities in Germany.”

The Star