20 German Businesses to start in Nigeria after GSK, P&G and others exit the country

For something that sounds like compensation for the number of foreign companies that left Nigeria this year, about 20 German companies have decided to bring their business to Nigeria. 

Earlier this week, the Nigeria Investment Promotion Commission officials engaged in discussions with a delegation of 22 companies from Germany and Europe during an exploratory visit to Abuja. 

According to The leader of the delegation and Deputy Head of the United Nations Investment and Technology Promotion Office, Michaell Schmidt, the purpose of the meeting was to strengthen the relationship between Nigeria and Germany and to put into action the agreements made during a prior visit by the German Chancellor, Olaf Scholz, to Nigeria. He said that these companies have said they would like to invest in offering technical assistance for local food processing and sharing green, sustainable technologies. 

"You are asking about trade and that was what the meeting with the delegations 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." Michael shared. 

He further explained that 20 companies form part of this delegation, and they maintain contact with numerous other companies engaged in bilateral economic relations. The companies, according to him, have expressed interest in helping various sectors, with a primary focus on enhancing the food processing industry, advancing the energy sector, and implementing waste management packaging solutions.

"There is also indirect support to achieve industrialization by supporting local companies, improving their efficiency, access to international markets and standards." He said.

He finally shared that expanding exports is a gradual undertaking. The Nigerian market presents untapped potential, and the primary obstacle lies in meeting local supply demands. He pinpointed significant advancements observed within free and industrial zones, emphasizing ongoing development in this regard.

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