Minister of Budget and Economic planning, Abubakar Bagudu has called on German companies to deepen investment in the country’s industrial sector as the government seeks to build a $1 trillion economy by 2030.
The Minister made the appeal at the Germany–Nigeria Industrial Technology Conference, held in Abuja over the weekend under the theme “Business Meets Nigeria.”
The event was organized by the German Engineering Federation, known as VDMA, in partnership with the German Embassy in Nigeria.
The conference brought together Nigerian and German business executives, government officials, bankers and industry leaders to discuss investment, technology transfer and infrastructure development, according to a statement issued Sunday by the ministry.
The gathering formed part of a broader visit to Nigeria by 14 German companies involved in cement, mining, construction and industrial technology.
The companies had earlier held meetings with Nigerian businesses in Lagos before traveling to Abuja.
Bagudu said economic reforms introduced by President Bola Tinubu were intended to remove longstanding obstacles to investment, improve the business environment and create more room for private-sector growth.
The government wants to build an economy in which companies can invest and expand while creating jobs for Nigerians, he said.
Nigeria’s target of reaching a $1 trillion economy by 2030 will depend on stronger private-sector participation, increased domestic production and larger investments in manufacturing, mining, construction and infrastructure, the Minister added.
Those priorities, he said, present opportunities for German companies with expertise in industrial machinery, equipment and processing technologies.
Bagudu urged businesses to develop bankable projects capable of attracting multiple sources of financing, including export-credit facilities, development-bank loans, commercial lending and guarantees.
He pointed to a €300 million German export-credit guarantee scheme as evidence of the expanding financial relationship between the two countries.
Properly structured projects, he said, could help Nigerian and German companies take advantage of such financing tools.
Dr. Chux Onaa, who led the VDMA delegation, said German manufacturers could support Nigerian industries in areas including materials handling, cement and mineral processing, digital technology and environmental solutions.
Those technologies could help Nigerian companies raise production, improve efficiency and compete more effectively in international markets, he added.
VDMA remains committed to converting the conference’s discussions into technology-transfer agreements and commercial partnerships, Dr. Onaa said.
Johannes Lehne, Deputy Head of mission at the German Embassy, said economic ties between Germany and Nigeria were continuing to expand.
Nigeria’s reforms had helped increase trade and improve the business climate, he said.
Lehne also pointed to the availability of financing instruments for German and Nigerian companies, saying they offered competitive ways to fund joint ventures and establish long-term commercial relationships.
The conference ended with both countries agreeing to continue working toward specific industrial projects.
The proposed partnerships are intended to increase local production, improve competitiveness and support Nigeria’s longer-term economic growth.
