Nigeria, Germany sign pact to deepen trade relations

The Lagos Chamber of Commerce and Industry (LCCI) and a delegation of German Industry and Commerce (DGIC) have signed a pact to boost trade, investment and knowledge transfer between both countries.

This is contained in a statement by Muda Yusuf, Director General of LCCI and made available to newsmen on Friday in Lagos.

Yusuf said that the Memorandum of Understanding (MoU) would strengthen the shared interest of reinvigorating the Nigerian-German business relations.

He said that the pact was timely considering the country’s need for foreign exchange inflows for diversifying and strengthening the non-oil sector of the economy.

“The Nigerian economy is in dire need of diversification at this time, given the collapse of oil price.

“It is our belief that the Federal Republic of Germany has tremendous support to offer in our quest for economic diversification.

“We have had very good relationship with the German embassy as well as its commercial arm over the years.

“This MOU will further strengthen our relationship. It is a collaboration that will be mutually beneficial to the economies and citizens of our two countries.

“Germany is the largest economy in Europe, while Nigeria is the largest economy in Africa. We have different endowments, competencies and skills.

“There cannot be a better basis for partnership than this. It will truly foster and increase Nigerian-German business relations.”

Responding, the DGIC said that its partnership with LCCI was to add value to Nigeria’s international trade relations and unlock the potential in doing business with Germany.

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