Nigeria and Germany are seeking to deepen economic cooperation and expand investment opportunities, with the Federal Government pledging to translate existing bilateral agreements into tangible economic gains.

The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, gave the assurance yesterday in Abuja when the German Ambassador to Nigeria, Stefan Rössel, paid him a courtesy visit.

Bagudu said Nigeria was committed to strengthening its longstanding relationship with Germany, particularly in investment promotion, energy cooperation and the implementation of existing agreements.

He acknowledged Germany’s support for Nigeria’s economic reform programme, particularly during its early stages, when the Federal Government sought international backing for major policy changes.

The minister recalled that Germany’s engagement intensified around the visit of German Chancellor Olaf Scholz to Nigeria, when the country was implementing significant economic reforms requiring the support of international partners, including the World Bank, the International Monetary Fund and the European Union.

He expressed appreciation for Germany’s contribution to Nigeria’s reform efforts, as well as its role in facilitating high-level engagements on trade, investment and energy cooperation.

Bagudu also recalled that discussions during the Nigerian President’s visit to Germany had advanced engagements on key energy agreements, underscoring the potential for expanded economic collaboration between both countries.

He disclosed that cooperation involving €25 million and €300 million in export credit guarantees had featured in discussions, identifying the arrangements as important areas for continued engagement as Nigeria seeks to attract investment and strengthen productive capacity.

The minister said ongoing economic reforms offered an opportunity to shift greater attention towards investment mobilisation, economic expansion and the effective utilisation of resources available through international partnerships.

He assured Rössel that the ministry would work closely with the German government and relevant institutions to strengthen bilateral relations and expand cooperation in areas of mutual interest.

Earlier, the German ambassador described relations between both countries as strong and longstanding, expressing Germany’s readiness to build on existing achievements and explore new areas of cooperation.

Rössel, who arrived in Nigeria a few weeks ago, acknowledged the increasingly complex global economic and political environment but expressed confidence that the longstanding partnership would provide a solid foundation for addressing emerging challenges.

He welcomed the ministry’s commitment to sustaining engagement with Germany, stressing the importance of preserving established partnerships while adapting to changing global circumstances.

The Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, congratulated Rössel on his appointment and pledged the ministry’s cooperation with him and relevant German agencies.

She stressed that the success of bilateral relations would depend on translating agreements and shared commitments into practical outcomes, adding that the ministry would support efforts to ensure joint initiatives were implemented effectively.

Similarly, the Permanent Secretary of the ministry, Dr Deborah Odoh, described Germany as a reliable development partner whose technical expertise, knowledge exchange and experience had contributed to Nigeria’s development.