Business/Investments.
The other key success area is investment. The President and his team held a highly successful business forum which had in attendance over 100 Nigerian and German business leaders with interests in industries across Manufacturing, Information Technology, Healthcare, Construction, Training, Agro processing, Power, Mining and Consumer businesses.
In a speech at the meeting, President Muhammadu Buhari decried the current low level of trade and investment between both countries and Nigeria’s openness for business and long-term investment from Germany. He highlighted the steady work of renewal that has started in the country and the progress that is being recorded in the government’s pillars of security, governance and the economy.
He also presented a strong case on Nigeria’s compelling fundamentals and stated the priority sectors of the government in which investments are being sought as being Agriculture, Industrialization, Solid Minerals, Digital Economy and Infrastructure, especially power generation.
The biggest gypsum producer in the world has already obtained an exploration license for the mineral and is looking to commence local production in Nigeria. A well-known consumer brand with over 50,000 employees worldwide is considering production of its laundry detergent locally. The company has already invested $250 million locally, with 900 employees. The transition to local production will significantly increase the number of Nigerians employed.
A Nigerian-based pharmaceutical company in partnership with a German conglomerate is also to commence a renal testing business in Nigeria before the end of the year,
Finance
The President stated that the Nigerian Development Bank will soon commence operations to help provide additional funding to the Small and Medium-Scale Enterprises (SMEs). As a large contributor to the economy, funding to the SMEs will help spur inclusive economic growth.
He thereafter charged government officials and the business community to enhance the process of achieving tangible results that are mutually beneficial to both countries.
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