A delegation of 22 German and European companies, led by Micheal Schmidt, Deputy Head of the United Nations Investment and Technology Promotion Office, engaged in discussions with the Nigeria Investment Promotion Commission (NIPC) to explore investment opportunities in Nigeria. This dialogue, following an earlier visit by German Chancellor Olaf Scholz, signifies an intent to strengthen bilateral relations and implement collaborative agreements.
Schmidt highlighted the companies’ interest in providing technical expertise to bolster local production, particularly in the areas of food processing, sustainable technology transfer, and waste management packaging. He emphasized the dialogue’s focus on capacity-building within Nigerian industries and the concerted effort to support the country’s industrialization drive.
“The meeting was pivotal as it brought together government officials, key decision-makers, the private sector, and UNIDO’s partners in Nigeria,” Schmidt stated. He revealed that around 20 companies from the delegation expressed interest in supporting various sectors, particularly focusing on enhancing the food processing industry, energy sector improvement, and waste management packaging.
The aim of these investments is to indirectly support local companies, aiding in increasing their efficiency, complying with international standards, and expanding their access to global markets. Schmidt noted that while the Nigerian market presents opportunities for growth, the primary challenge lies in meeting local demand while progressively advancing towards enhancing export capabilities.
He described this as a long-term process and emphasized the need for developmental strides within Nigeria’s free and industrial zones to effectively address local supply needs and align with international standards for industrialization. The companies’ interest signals a potential for significant collaborative efforts to enhance local production, strengthen industrial sectors, and foster mutually beneficial economic ties between Nigeria and Germany.
