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Nigeria, Germany trade volume valued at €3bn in 2022– German Ambassador

Published

1 year ago

October 6, 2023

Trade volume between Nigeria and Germany hits €3bn in 2022, according to the German Ambassador to Nigeria, Annett Günther.

Günther made the disclosure at a press conference on Thursday while stating that her country’s main exports to Nigeria were “Machines at 28 per cent; food products at 20 per cent; and chemical products at 19 per cent while Nigeria’s main exports to Germany are crude oil at 83 per cent, food products at 12 per cent other raw materials four per cent.”

In addition, Günther said that in the same year, 2000 Nigerians at the Goethe Institute passed the German language exams, while there were roughly 4,000 Nigerian students studying in Germany.

Germany has invested over €600 million in development projects across all sectors in Nigeria, adding that “no fewer than 90 German companies presently operate in Nigeria, creating 17,000 jobs directly and a minimum 10-fold indirectly. This is besides the €620 million pledged to the Economic Community of West African States.”

In sub-Saharan Africa, Nigeria is Germany’s second-largest commercial partner, with cooperation in the energy industry a priority for bilateral economic ties. The restoration and development of electricity production in Nigeria, particularly through the use of renewable energy sources and increased energy efficiency, as well as the increased involvement of German businesses in utilising Nigeria’s energy resources, are the key priority areas.

Günther also mentioned that “in terms of humanitarian assistance, Germany remains the second biggest with €50 million in 2022 on activities such as protection, food security, health and shelter that save lives every day.”

Related Topics:Featured Germany Nigeria Trade relations

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Moroccan annual inflation rises to 0.8% in November

Published

21 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”