Nigeria, Germany to strengthen economic ties amid growing trade relations.
Nigeria and Germany are poised to enhance their bilateral economic relations, with a particular focus on trade and investment.
In 2024, trade between the two nations demonstrated significant activity, with Germany importing goods worth €142 million from Nigeria and exporting €84.6 million to Nigeria in November alone.
This resulted in a trade deficit of €57.5 million for Germany. Over the past five years, however, Nigeria’s exports to Germany have declined at an annualised rate of 5.83 per cent.
In the same period, a Nigerian-based waste management company signed a €40 million export contract deal with two German organizations for the supply of three waste treatment plants and waste collecting trucks to the West African country.
Source: Businessday
