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German Investors Scramble for Agro-Allied Investments in Nigeria

By on September 28, 2012

President Goodluck Jonathan and German Chancellor, Angela Merkel

Germany has promised to aid Nigeria in developing her industrialized plus agro-allied sectors, as plans have been completed for the admission of more German corporations into Nigerian business setting.

 

Nigeria is already rising as the business centre for several European countries and the quantum of trade linking the two countries was over a billion Euros last year.

 

Dr. Volker Treier, the deputy Chief Executive Officer and Managing Director, International Economic Affairs, German Chambers of Industry and Commerce network, made this revelation at the 30th anniverary of German Industry and Commerce in Nigeria, in Lagos.

 

He revealed that the European Union (EU) debit catastrophe has unlocked investment breaks for Nigeria, as nations at the present regard Nigeria as the centre for investment openings.

 

Particularly, he said the German financiers that came to Nigeria to assess opportunities for investment few months back are prepared to invest billions of Euros into the nation’s agric sector.

 

“I can confirm that your country is really full of investment opportunities and full of challenges. In addition, as we have seen today, there are investment potentials in all the various sectors here. So, Nigeria is the place to be for investment opportunities.

 

“The other place, Europe, where I come from is facing some substantial challenges. We have European debt crisis. We have public discussion debate about Euro debt. We have challenges about competitiveness among some EU countries. We know we have a lot of homework to do in EU for our economies to bounce back,” Treier said.

 

He clarified that EU debt calamity has affected Germany’s financial improvement, which was the cause his nation was increasing efforts to reinforce her economic connections with other world economies like Nigeria.

 

“Germany economic reform has in one way or the other been affected by the EU crisis. In addition, this is why we are intensifying our homework to boost our economic linkages with powerhouse of the world economies. And my two days here has show that Nigeria is indeed one of the power houses in this world and we pledge to make our bilateral relationship look stronger than before,” he added.

 

He disclosed that the German government has spotted out Nigeria as her trade investment objective in Africa where it anticipates to plant her investments in the continent, adding that Nigeria stands as the European giant’s second most significant trading associate in Sub-Saharan Africa, second only to the South Africa in the continent.

 

“There are many reasons why Nigeria stands out as an interesting emerging market, not only for the German private sector, but Europe and the world as a whole. Nigeria, as a home for German investors, is because its Germany’s second most important trading zone in Africa. In 2011, Germany exported goods/services to Nigeria more than 100 billion Euros, why the value of Nigeria’s goods to Germany was 1.2 billion Euros. Also about 60 German companies are already present here and I promise, we will intensify our approach to see more German companies’ presence in Nigeria.”

 

He promised that the German government would maintain her economic bid with Nigeria.

 

“It’s a fruitful cooperation to see that some of our companies here in Nigeria are ready to partner other companies with like minds even, they intend to buy more manufacturing companies here. They intend to cooperate with us, with you and with the local authorities, because Nigeria is African biggest economy with a gross domestic product of $450 billion this year.”

 

“Indeed, the country is among the seven biggest oil producing countries in the world. In addition, Nigeria has oil reserve of about $45 billion, while it has an annual growth of remarkable seven or eight per cent per year. I think the future of global economy belong to Nigeria,” he concluded.