LCCI partners German counterpart to boost investment and knowledge transfer

By Kayode Ogunwale

The Lagos Chamber of Commerce and Industry (LCCI) has signed a Memorandum of Understanding (MOU) with Delegation of German Industry and Commerce in Nigeria (DGIC) to boost trade, investment and knowledge transfer between the two countries.

The official signing, which took place at the German Consulate in Lagos, provided the platform for support to Nigerian and German companies and individuals, as well as strengthening the shared interest of reinvigorating the Nigerian-German business relations.

Speaking on the MoU, Director General of the Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf, said, “This is a welcome development, coming at a time when Nigeria seriously needs forex 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.”

He further 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.