Nigeria and Germany have signed a new development and investment partnership valued at about $428 million, expanding bilateral cooperation across energy, agriculture, industrial development, and private-sector financing.
The agreement, signed in Abuja on Thursday, includes a €65 million commitment for financial and technical cooperation, alongside a €300 million export credit guarantee framework designed to support long-term investments and trade projects in Nigeria. Using the current Forbes currency converter rate of €1 to $1.17, the total package is worth roughly $428 million.
According to Nigeria’s Federal Ministry of Budget and Economic Planning, the deal was signed by Minister of Budget and Economic Planning Senator Abubakar Bagudu, Minister of State for Budget and Economic Planning Doris Uzoka-Anite, and senior German officials at the German Embassy in Abuja.
Uzoka-Anite said the partnership was intended to mobilise investment and sustainable financing at a time when Nigeria is pursuing economic reforms under President Bola Tinubu.
“We recognise that development cooperation must increasingly catalyse investment, innovation, and sustainable financing,” she said during the signing ceremony.
