The Lagos Chamber of Commerce and Industry (LCCI) and the Delegation of German Industry and Commerce in Nigeria (DGIC) have signed a Memorandum of Understanding (MoU) to boost trade, investment and knowledge transfer between Germany and Nigeria.

Director General of LCCI, Muda Yusuf, while speaking at the official signing of the pact said: “This is a welcome development, coming at a time when Nigeria seriously needs foreign exchange inflows as a way of diversifying the economy, and strengthening the non-oil sector.

“The focus, here, with the MoU signing, is to strengthen the bilateral trade relations between Germany and Nigeria, and boost the economic activities between the two countries.”

Yusuf further stressed that, “this could not have come at a better time. The Nigerian economy is in dire need of diversification at this time, given the collapse of oil price. It is our belief that the Federal Republic of Germany has tremendous support to offer in our quest for economic diversification.

“We have had very good relationship with the German embassy as well as its commercial arm over the years. This MOU would further strengthen our relationship. It is a collaboration that will be mutually beneficial to the economies and citizens of our two countries. Germany is the largest economy in Europe, while Nigeria is the largest economy in Africa. We have different endowments, competencies and skills. There cannot be a better basis for partnership than this. It will truly foster and increase Nigerian-German business relations.”

The Delegation of German Industry and Commerce noted that its partnership with LCCI is to add value to Nigeria’s international trade relations and unlock the potential in doing business with Germany.

The chambers noted that the pact would provide a platform for stakeholders to strengthen the shared interest of reinvigorating the Nigerian-German business relations.