Nigerian-German Bilateral Trade Hits N66bn
- By Ekaette Okon
- Published October 24th, 2009
- News
- Unrated
THE bilateral trade volume in imports and exports between Nigeria and its Germany counterpart has been put at N66.3 billion.
As at December 2008, Germany’s import from Nigeria was N39.5 billion, while its exports to Nigeria were put at N27.6 billion.
Dr. Jaiye Doherty, chief operating officer of Nigerian-German Business Association, said Nigeria remained Germany’s highest trade partner in sub-Sahara Africa, after South Africa .
“There are enormous potentials for business growth in Nigeria as it is one of the most important trading partners for Germany in the sub-Sahara region,” Doherty said. “With population of 140 million, it constitutes a huge domestic market. Although the Nigerian economy continues to be driven by its oil and gas industries, the diversifying economic structure offers business opportunities for German companies in various sectors”.
He noted that there are many German companies already taking advantage of Nigerian government’s success in improving the business environment through deregulation and privatisation as well as greater transparency and accountability.
Speaking also, Mr. Walter L. Von den Driesch, consul-general of the Federal Republic of Germany in Lagos, stated that to further strengthen the trade balance between the two countries, the association is staging a two-day business forum in Abuja. Driesch disclosed that the event scheduled for 11th and 12th November would enable German and Nigerian investors interact on one on one basis to find out possible areas of investment in Nigeria.
As at December 2008, Germany’s import from Nigeria was N39.5 billion, while its exports to Nigeria were put at N27.6 billion.
Dr. Jaiye Doherty, chief operating officer of Nigerian-German Business Association, said Nigeria remained Germany’s highest trade partner in sub-Sahara Africa, after South Africa .
“There are enormous potentials for business growth in Nigeria as it is one of the most important trading partners for Germany in the sub-Sahara region,” Doherty said. “With population of 140 million, it constitutes a huge domestic market. Although the Nigerian economy continues to be driven by its oil and gas industries, the diversifying economic structure offers business opportunities for German companies in various sectors”.
He noted that there are many German companies already taking advantage of Nigerian government’s success in improving the business environment through deregulation and privatisation as well as greater transparency and accountability.
Speaking also, Mr. Walter L. Von den Driesch, consul-general of the Federal Republic of Germany in Lagos, stated that to further strengthen the trade balance between the two countries, the association is staging a two-day business forum in Abuja. Driesch disclosed that the event scheduled for 11th and 12th November would enable German and Nigerian investors interact on one on one basis to find out possible areas of investment in Nigeria.
