x

German Firms Set to Inject Fresh Investments into Nigeria’s Economy

German companies have perfected plans to boost activities in Nigeria and other African countries next year.

According to a Reuters survey, the German companies hope to capitalise on opportunities in areas such as green hydrogen and liquefied natural gas, with 43 per cent planning to increase investment in the continent.

The poll of members of the German-African Business Association also showed that a further 39 per cent of the association’s members aim to keep their spending levels in Africa stable.

“The majority of companies want to expand their activities in the coming year,” the association head, Christoph Kannegiesser, told Reuters. “It makes sense because the continent is still on a growth trajectory.”

German companies invested about €1.6bn in Africa in 2021, of which about €1.1bn went to the sub-Sahara region, according to economy ministry data.

As Europe’s biggest economy has been seeking to reduce its reliance on Russia for gas since the invasion of Ukraine, Kannegiesser said he sees big opportunities in the energy sector in Africa.
“The field of green hydrogen and liquefied gas will give a new impetus in many countries,” he said, highlighting Senegal, Nigeria and Mauritania as countries with investment potential.

Namibia could also profit massively from green hydrogen production, said Kannegiesser.

The survey showed that 56 per cent of the companies viewed their business activities in Africa in 2022 positively and a further seven per cent rated them “very good”.

The association, which says it represents around 85 per cent of German businesses active in Africa, wants the government to give greater support through improved conditions for export credit insurance and investment guarantees from the German government to ensure African business is not left to the United States and China.

The association has criticised a law taking effect on Jan 1 which obliges big companies to act against human rights and climate violations, saying it is counter-productive as it creates a new layer of bureaucracy.

Hot this week

Nigeria @65: Claims of Progress Are Deceptive – Activist Ukegbu

A social rights activist, Comrade Okechukwu Keshi Ukegbu, has...

Tinubu, Mutfwang, Akpabio, and Other Dignitaries Honour APC Chairman’s Mother at Jos Funeral

By Israel Adamu, JosPresident Bola Ahmed Tinubu, Plateau State...

Tinubu Gives Joy to Abuja Locals, Flags Off Community Road Network

By Joyce Remi-BabayejuPresident Bola Ahmed Tinubu has given joy...

UK-Based Governance Report Lists Zamfara, Kwara, Benue Among Nigeria’s Poorest Managed States

A new governance performance review has ranked Zamfara, Kwara,...

Bishop Adegbite Names Fintiri as Most Pilgrim Friendly Governor

By Joyce Remi-BabayejuThe Executive Secretary of the Nigerian...

Clean Up Abuja: Wike Reiterates Commitment to Waste Management

By Joyce Remi-BabayejuThe FCT Minister, Barr. Nysome...

Good Road Network Attracting Investors to FCT – Wike

... Investors to Replicate Dubai City Walk in AbujaBy...

Emir of Zazzau Faces Two Defamation Suits Over Radio Interview

...Court to Hear Case November 4By Achadu Gabriel, KadunaThe...

Tinubu, Mutfwang, Akpabio, and Other Dignitaries Honour APC Chairman’s Mother at Jos Funeral

By Israel Adamu, JosPresident Bola Ahmed Tinubu, Plateau State...

How l became a consultant inside Kaduna Prison – Journalist Idibia

MY STORYBy Idibia GabrielIt is Interesting but hazardous to...

RCCG Pastor Urges Men to Embrace Physical Exercise for Greater Productivity

By Achadu Gabriel, KadunaThe Zonal Pastor of the Redeemed...

“How I Became a Consultant Inside Kaduna Prison” — Journalist Idibia Recounts Ordeal

By Idibia Gabriel, KadunaJournalist Idibia Gabriel has shared a...

Related Articles

Popular Categories

spot_imgspot_img