The trade relationship between Nigeria and Germany has reached a new milestone, with the trade volume between the two nations hitting $3 billion in 2023. This marks a significant increase in economic engagement, with Nigeria benefiting more from the trade exchange, according to Weert Borner, the Consul-General of the Federal Republic of Germany in Lagos.
During a press briefing on Monday, Borner highlighted that Nigeria’s exports to Germany, primarily consisting of crude oil and food products, accounted for $2 billion of the total trade volume. In contrast, Germany’s exports to Nigeria, largely comprising machinery and chemicals, stood at $1 billion. This trade balance underscores Nigeria’s strong export performance, driven by its natural resources and agricultural products.
Borner made these remarks while announcing the upcoming 11th German-Nigerian Business Forum, scheduled for October in Lagos. The forum is expected to further strengthen bilateral trade and investment ties between the two countries. Additionally, the event will coincide with the 12th edition of the West African Clean Energy and Environment Exhibition and Conference, reflecting the growing interest in sustainable business practices and environmental stewardship.
Despite the challenges faced by businesses in Nigeria, Borner expressed optimism about the future of German investments in the country. He noted that there are currently over 90 active German companies operating in Nigeria, and Germany is keen on diversifying and expanding its investment portfolio in the region.
“The annual trade volume between Nigeria and Germany reached $3 billion in 2023, with $2 billion flowing from Nigeria to Germany, driven by oil, food, and other mixed products. The remaining $1 billion from Germany to Nigeria primarily involved machinery and chemicals,” Borner stated.
The Consul-General’s comments highlight the robust economic ties between the two nations and signal Germany’s continued commitment to enhancing trade relations with Nigeria. As the German-Nigerian Business Forum approaches, stakeholders from both countries are expected to explore new opportunities for collaboration, particularly in sectors such as clean energy, technology, and infrastructure development.
