Nigeria and Germany finalize €65 million development deal, target €300 million export credit facility

By Progress Godfrey

ABUJA – Nigeria and Germany concluded a €65 million development cooperation agreement and a €300 million export credit facility designed to unlock private investment and improve financing for key sectors.

The deal was finalized in Abuja on Wednesday during the opening of a two‑day bilateral negotiation on development cooperation between Germany’s Federal Ministry of Economic Cooperation and Development (BMZ) and Nigeria’s Ministry of Budget and Economic Planning.

BMZ Commissioner for Africa and Director of the Africa Directorate, Philipp Knill, who led the German delegation, explained that the €65 million portion would target concessional financing for small businesses, renewable energy projects and women‑led enterprises, while the €300 million export credit line is intended to support investments by both public and private sectors.

Knill noted that the partnership is moving toward catalytic funding aimed at attracting private capital, especially via the Development Bank of Nigeria and sector‑specific programmes.

He added that energy remains a priority, citing ongoing collaboration on the Presidential Power Initiative, which aims to increase transmission capacity by 25 gigawatts and broaden access to reliable electricity.

“The funds that will be discussed during these negotiations will be catalytic. They have the goal to mobilise the private sector. The €300 million export credit line is open for public and private actors. When there is business between Germany and Nigeria, for example, investments in the power sector on transmission, that credit line can bring