Nigeria and Germany have signed a new development and investment partnership valued at approximately US$428 million, strengthening cooperation across energy, agriculture, industrial development and private-sector financing.
The agreement was signed in Abuja as Nigeria intensifies efforts to attract foreign investment and accelerate economic reforms aimed at boosting industrial growth and infrastructure development.
According to Nigeria’s Federal Ministry of Budget and Economic Planning, the package includes €65 million in financial and technical cooperation support alongside a €300 million export credit guarantee framework designed to encourage long-term trade and investment projects.
Energy and agriculture central to partnership
The agreement expands bilateral cooperation in sectors including renewable energy, agricultural transformation, climate transition, healthcare, skills development and economic reform programmes.
Doris Uzoka-Anite said the partnership is intended to mobilise sustainable financing and private investment as Nigeria implements major economic reforms under President Bola Tinubu.
German officials described Nigeria as a strategic African partner for trade, regional integration and economic cooperation.
Germany backs Nigeria’s power expansion plans
The agreement also reinforces Germany’s support for Nigeria’s ongoing electricity sector reforms and power infrastructure expansion.
Philip Knill said the German delegation held discussions with Nigerian and German companies focused on opportunities in energy, agriculture, industrialisation, and the digital economy.
Major German firms including Siemens, SAP, Bayer and STIHL are reportedly exploring investment opportunities in Nigeria.
Germany also reaffirmed support for Nigeria’s Presidential Power Initiative being implemented in partnership with Siemens, which aims to expand Nigeria’s electricity generation and grid capacity to 25 gigawatts.
Economic reforms attracting investor interest
The new agreement comes as Nigeria pursues broad economic reforms aimed at improving investor confidence, including foreign exchange liberalisation, tax reforms and measures to strengthen food security.
German officials said the reforms are helping improve the investment climate for long-term financing into Africa’s largest economy.
According to Knill, existing Nigeria-Germany programmes have already supported more than 16,000 small businesses while approximately 600,000 smallholder farming households have benefited from agricultural training initiatives.
Europe deepens strategic engagement in Africa
The agreement reflects growing European interest in strengthening economic partnerships across Africa as countries compete for influence in sectors such as energy, infrastructure, agriculture and industrial development.
Germany has increasingly positioned itself as a long-term investment partner for African economies pursuing industrialisation, renewable energy expansion and climate transition projects.
For Nigeria, the partnership provides additional external financing and technical cooperation as the country seeks to modernise infrastructure, strengthen energy supply and expand agricultural productivity amid rising demand for economic growth and job creation.