Dr. Matthias Leder, CEO of CCI Giessen-Freidberg, has called on the Nigerian government to improve its trade balance with Germany, highlighting that Nigeria’s trade volume with Germany remains below one percent.
Speaking at the opening of the 14th Gateway International Trade Fair in Abeokuta on Wednesday, Leder noted that Germany’s trade with Africa accounts for only two percent of its total global trade, with Nigeria contributing less than one percent. He described this as a significant imbalance compared to Germany’s trade with Brazil and China.
He emphasized that international trade is crucial for economic growth and prosperity, adding that Germany is committed to addressing the trade disparity. However, he identified low labor productivity, high capital interest rates, lack of innovation, and illegal immigration as factors affecting trade relations between the two nations.
To improve Nigeria’s trade performance, Leder suggested enhancing labor productivity, reducing interest rates for small businesses, and fostering innovation. He highlighted a new initiative, the dual vocational training program, designed to boost labor productivity in Nigeria.
Former Minister of Information and Culture, Alhaji Lai Mohammed, also spoke at the event, urging Nigeria to focus on value addition for its exports rather than exporting raw materials. He stressed the need for processing industries for commodities like cocoa and gold to maximize export earnings.
President of the National Chamber of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Oye, revealed that the chamber is collaborating with Germany to import agro-processing machinery and establish skill centers to enhance productivity and technology transfer in Nigeria.
The Gateway International Trade Fair, themed “Promoting Businesses Through Partnership,” attracted participants from neighboring countries, including Benin, Niger, and Rwanda.
