The Federal Government is stepping up efforts to attract German investment into Nigeria as 14 major German companies explore opportunities in the country’s cement, mining, construction and industrial technology sectors.
Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed this during the Germany-Nigeria Industrial Technology Conference, “Business Meets Nigeria,” held in Abuja.
The companies were part of a high-level German business mission that held engagements with Nigerian businesses and other stakeholders in Lagos and Abuja to identify potential partnerships and investment opportunities.
Bagudu said Nigeria wants to turn its long-standing relationship with Germany into concrete investments, technology transfers and industrial partnerships that can strengthen the country’s productive capacity.
He highlighted manufacturing, mining, construction, infrastructure, industrial technology, equipment and mineral processing as areas where Nigeria is seeking greater private-sector participation.
The minister said attracting investment into these sectors would be important to Nigeria’s industrialisation ambitions, particularly as the government seeks to increase domestic value addition and expand the country’s productive capacity.
The Federal Government also said it is looking to deepen partnerships that can bring advanced technology and technical expertise into Nigeria while creating opportunities for local businesses and workers.
The development comes as Nigeria continues efforts to attract foreign capital into productive sectors of the economy and reduce reliance on the export of raw materials.
Bagudu said significant private-sector investment would be required to support Nigeria’s ambition of becoming a $1 trillion economy by 2030.
