About 20 German companies have expressed their interest in investing resources and technical knowledge to boost local production and improve the nation’s export commodities.This followed a dialogue between officials of the Nigeria Investment Promotion Commission and a private sector delegation comprising of 22 companies from Germany and Europe on an exploratory mission to explore potential investment opportunities on Monday in Abuja.
The leader of the delegation and Deputy Head of the United Nations Investment and Technology Promotion Office, Micheal Schmidt, while speaking with journalists said the meeting was to enhance bilateral ties with Nigeria, and implement agreements during an earlier visit by the German Chancellor, Olaf Scholz, to the country.
The companies, he said, would invest in providing technical support in local food processing and transfer of green and sustainable technologies.
He said, “You are asking about trade and that was what the meeting was about. We are trying to increase the capacity of industries in Nigeria. We toured the country, visiting Lagos, Ibadan, Abeokuta and now we are finishing it up here in Abuja. The meeting was very important because it brought together government, key decision makers, the private sector and partners of UNIDO in Nigeria.
“There are 20 companies that are part of this delegation and we are in touch with many more companies that are active in bilateral economic relations. The interested companies are here to assist various sectors but the main direction is support for the upgrading of the food processing sector, improvement of the energy sector and waste management packaging.
“There are also indirect support to achieve industrialisation by supporting local companies, improve their efficiency, access to international market and standards.
“I think it is a long term process to increase export. The Nigerian market is not saturated and the challenge is to fulfill the needs of the local supply and there is a lot of development that we have seen with free and industrial zones.”
