Nigeria and Germany have entered into a new development and investment partnership worth about $428 million, aimed at strengthening cooperation in energy, agriculture, industrial development, and private-sector financing.
The agreement, signed in Abuja, includes a €65 million financial and technical cooperation package alongside a €300 million export credit guarantee framework designed to support long-term investments and trade projects in Nigeria.
According to the Federal Ministry of Budget and Economic Planning, the deal was signed by Minister Senator Abubakar Bagudu, Minister of State Doris Uzoka-Anite, and senior German officials at the German Embassy in Abuja.
The partnership is intended to mobilise sustainable investment and support Nigeria’s ongoing economic reforms under the current administration, with focus areas including renewable energy, agriculture, healthcare, skills development, and industrial growth.
German officials described Nigeria as a key strategic partner in Africa, noting that discussions leading to the agreement involved multiple stakeholders, including European development agencies and private sector representatives.
Major German companies such as Siemens, SAP, Bayer, and STIHL are also exploring investment opportunities across Nigeria’s energy and agricultural sectors.
Both countries highlighted ongoing cooperation in programmes supporting small businesses and farmers, with thousands of enterprises reportedly benefiting from previous initiatives.
The partnership also reinforces support for Nigeria’s power sector expansion project being implemented with Siemens, aimed at improving national electricity generation capacity.
Officials from both countries said the agreement will focus on translating commitments into measurable economic impact through stronger institutional collaboration and private sector participation.
