Nigeria Signs €70m Economic Pact With Germany

Muhammadu BuhariNigerian President Muhammadu Buhari.
  • Nigeria Signs €70m Economic Pact With Germany

The Federal Government just signed a new economic agreement with the largest European economy, Germany.

The pact estimated at €70 million would enable the German government to provide assistance to Nigeria in key areas.

Clem Agba, the Minister of State for Finance, Budget and National Planning signed for the Federal Government while Christoph Rauh, the Head of German Delegation to Nigeria signed for Germany.

Agba said, “The areas of interventions by the government of Germany are in line with economic sustainability and inclusive growth.

“We must, therefore, make necessary efforts to ensure that the opportunities offered by these interventions and other similar initiatives are not misplaced.”

Speaking on the pact, Rauh said Germany is a reliable partner for Nigeria and has proved that with successful bilateral deals across the world.

He noted that areas of interventions were in line with Nigeria’s growth agenda as contained in the Economic Recovery and Growth Plan.

He, however, listed infrastructure finance, governance, renewable energy, vocational training, job creation, microfinance, ease of doing business, polio eradication and safe school initiative among others as some of the areas of his government would focus on in the deal.

It should be recalled that the Federal Government signed a 5-year power deal of N1.15 trillion with German-owned Siemens a few months ago.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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