Trade between Nigeria, Germany hit €3bn

Trade between Nigeria, Germany hit €3bn


The German Ambassador to Nigeria, Annett Gunther, has said that the trade volume between Germany and Nigeria hit €3 billion in 2022.

Briefing journalists in Abuja, Gunther disclosed that Nigeria is Germany’s second-largest trading partner in Sub-Saharan Africa and is an important political, economic and cultural partner.

Gunther said, “Germany contributed a total trade volume of €3 billion in 2022 (up from €2 billion in 2021) and the European Union (EU), is Nigeria’s most important trading partner with total trade volume of €45.8 billion. Germany’s Foreign Direct Investment (FDI) in Nigeria will prospectively surpass the €1 billion mark.”

She said Germany’s main exports to Nigeria were machines (28 percent), food products (20 percent) and chemical products (19 percent), saying that Nigeria’s main exports to Germany were crude oil (83 percent), food products (12 percent) and other raw materials (4 percent).

“There are 90 German companies present in Nigeria, creating around 1700 jobs directly and minimum 10-fold indirectly. All EU countries together have generated around 160000 jobs in Nigeria. Amongst the most active companies are Bayer, Bosch, DHL, Henkel, Knauf, Krones, Liebherr, Lufthansa, SAP, Siemens Energy and Synlab,” the envoy s


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