The Consulate-General of the Federal Republic of Germany in Lagos, Weert Borner, has said that the trade volume between Nigeria and Germany rose to $3bn in 2023 with Nigeria benefiting more from the trade pact.
He added that crude oil and food product exports to Germany from Nigeria within the period under review stood at $2bn while $1bn was mainly machinery and chemicals that came from Germany to Nigeria.
Borner disclosed this on Monday during a press briefing to herald the 11th German-Nigerian Business Forum scheduled in October at the Lagos.
The group would also mark the 12th edition of the West African Clean Energy and Environment Exhibition and Conference the same month in Lagos.
Borner explained that with over 90 active German companies in Nigeria, Germany is looking forward to diversifying and increasing its investment portfolio despite the harsh business terrain for businesses in the country.
“The annual trade volume was $3bn in 2023 and about $2bn going from Nigeria to Germany strictly based on oil products, some food products and other mixed products. $1bn of the trade volume from Germany to Nigeria was mainly machinery and chemicals.”
