Nigeria, Germany decide to work together to support nation’s micro, small, medium-sized businesses

Nigeria and Germany have decided to work together more closely in order to support the nation’s micro, small, and medium-sized businesses.

The News Agency of Nigeria reports that Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, made these remarks in Abuja during a bilateral meeting between her ministry and the German Ministry of Economic Development.

Uzoka-Anite expressed gratitude for the two nations’ current partnership and hope for a closer bond that would strengthen their mutually beneficial relationship.

We are delighted to have you here, and as we discussed in the side meeting, you have interests in agriculture, renewable energy, and expanding MSME access to financing.

That will have a significant positive impact on the economy’s industrial sector.

She said that President Bola Tinubu was determined to make sure that inclusiveness, renewable energy, poverty alleviation, and job creation were the main drivers of the economy’s recovery.

“All these years have been about increasing capital, food, and investment in the country, as well as boosting industrialization,” she remarked.

The minister claims that in order to strengthen the Federal Government’s pledge, the

The Minister of Finance and Coordinating Economy is the chair of the Presidential Council on Industrial Revitalization, which was recently established by the President.

“In that, we are looking at all the different sectors of the economy and looking at how to revive the economy via all these different sectors,” Uzoka-Anite continued. “We have about an 11-point agenda.”

All of the sectors are affected by the MSMEs segment, and we are aware that by strengthening them, we will instantly add roughly 45% to Nigeria’s GDP.

“Therefore, your arrival to collaborate and assist us in this progress is a significant boost to the president’s goal of expanding the economy to a trillion-dollar economy.”

In response, German Minister Svenja Schulze stated that Nigeria was among the first

Germany began collaborating with these nations in 1959, and over time, their partnership grew and benefited both nations.

“I want to emphasize once more that our cooperation is in our common interest,” she said.

Nigeria and Germany have been working together more on economic matters in recent years.

In sub-Saharan Africa, Nigeria is Germany’s second-biggest trading partner. Cooperation in the energy sector is one of the top priorities of bilateral economic relations.

The main goals are the restoration and growth of Nigeria’s electrical output, especially via the use of renewable energy sources and increased energy efficiency, and the increased involvement of German businesses in Nigerian energy resource extraction.

In 2021, the German-Nigerian energy partnership—which dates back to 2008—was extended with the establishment of a Hydrogen Office in Abuja, in accordance with the Federal Government’s National Hydrogen Strategy.