Nigeria and Germany have signed a new development cooperation agreement expected to strengthen investment, infrastructure financing and economic growth, with Germany committing fresh financial support worth 65 million Euros and an additional 300 million Euros export credit guarantee framework for Nigeria.
The agreement was signed at the German Embassy in Abuja after bilateral negotiations between officials of both countries focused on expanding cooperation in critical sectors of the Nigerian economy.
The Federal Ministry of Budget and Economic Planning in a statement on Thursday said the partnership is expected to support long-term development projects, improve investment flows and deepen economic ties between Nigeria and Germany.
Speaking during the signing ceremony, the Minister of State for Budget and Economic Planning, Dr. Uzoka-Anite, said the agreement reflects the growing relationship between both countries and comes at a crucial period in Nigeria’s economic reform programme.
She explained that the cooperation would support Nigeria’s development priorities in agriculture, renewable energy, industrial growth, healthcare, skills acquisition and employment generation.
According to her, the partnership is designed not only to provide financial assistance but also to encourage investment, innovation and sustainable financing capable of improving the lives of Nigerians.
Uzoka-Anite said the Tinubu administration’s economic reforms are laying the foundation for long-term growth and attracting stronger international partnerships.
She added that all projects under the agreement would be aligned with Nigeria’s National Development Plan for 2026 to 2030 and the country’s broader Agenda 2050 strategy.
German Ambassador to Nigeria, Annett Günther, said the agreement followed extensive discussions between officials and development partners from both countries.
She noted that the negotiations brought together representatives from several Nigerian ministries, German development agencies, members of the European Union and other stakeholders involved in development cooperation.
According to her, the broad participation reflects the strategic importance Germany attaches to its relationship with Nigeria.
The ambassador also praised the progress recorded under previous joint programmes and expressed confidence that the new agreement would further strengthen cooperation between both nations.
Also speaking at the event, Deputy Director General of Germany’s Federal Ministry for Economic Cooperation and Development, Mr. Philip Knill, described Nigeria as a key economic and political partner in Africa.
Knill disclosed that the German delegation held meetings with government officials and private sector operators during the visit, including discussions on opportunities in the energy, agriculture, digital economy and industrial sectors.
He said major German firms such as Siemens, SAP, Bayer and STIHL are exploring opportunities to expand their involvement in Nigeria’s economy.
Knill also praised Nigeria’s recent economic reforms, particularly changes in the foreign exchange system, tax reforms and efforts to improve food security.
According to him, Germany sees the reforms as important steps towards attracting long-term investment and improving economic stability.
He disclosed that Germany’s Ministry for Economic Affairs and Energy approved a €300 million export credit facility to support trade and investment activities between businesses in both countries.
Knill further stated that ongoing cooperation programmes between Nigeria and Germany have already produced measurable results in different sectors of the economy.
He said more than 16,000 small and medium-scale businesses have improved their income through joint intervention programmes, while about 600,000 farming households have benefited from agricultural training initiatives that increased productivity and earnings.
According to him, over 70,000 Nigerians are also benefiting from mini-grid electricity projects supported under the partnership.
He added that Germany remains committed to supporting Nigeria’s Presidential Power Initiative being implemented with Siemens to expand electricity generation and improve power supply across the country.
Both governments said the new agreement would focus on turning discussions into practical development projects capable of promoting industrial growth, improving livelihoods and supporting inclusive economic development in Nigeria.
