Nigeria and Germany have signed a €365 million development and investment partnership aimed at supporting energy infrastructure, agriculture, and private-sector growth.
The agreement was signed at the German Embassy in Abuja and includes €65 million in new financial and technical cooperation alongside a €300 million export credit guarantee framework designed to encourage long-term investment in key sectors of Nigeria’s economy.
According to officials involved in the partnership, the €65 million portion will focus on concessional financing for small businesses, renewable energy projects, and women-led enterprises.
The larger €300 million export credit facility is expected to support investments from both public and private sector organisations operating in strategic industries.
Philip Knill described Nigeria as “a giant in Africa” and reaffirmed Germany’s commitment to supporting the country’s economic development goals.
Knill also highlighted Germany’s continued support for the Presidential Power Initiative, a major electricity project being implemented in partnership with Siemens.
The initiative is designed to expand Nigeria’s electricity grid capacity to 25 gigawatts and improve power supply across the country.
Several German companies are already increasing their activities in Nigeria as part of broader investment and trade cooperation between both countries.
These include Siemens, SAP, Bayer, and STIHL, which are exploring opportunities in energy, digital transformation, and agricultural mechanisation.
Officials said existing programmes under the partnership have already supported more than 16,000 small and medium-sized enterprises across Nigeria.
The cooperation has also reached around 600,000 smallholder farming households, with some participants reportedly recording productivity and income increases of up to 90 percent.
The agreement reflects growing economic cooperation between Nigeria and Germany as both countries seek to strengthen investment, industrial development, renewable energy expansion, and agricultural productivity.
