German chancellor, Angela Merkel, met with Nigerian president, Goodluck Jonathan July 14, in Abuja, Nigeria. The two leaders agreed to expand bilateral cooperation, particularly regarding energy.
Trade between Germany, Europe’s biggest economy, and Nigeria, Africa’s top oil producer and most populous country, reached 2.5 billion Euros ($3.5 billion) in 2010, according to the German-Nigerian Business Association. While Nigeria’s main export is crude oil, imports from Germany include machinery and other industrial goods.
In October 2010, President Goodluck Jonathan launched an initiative to attract foreign investors to Nigeria in a bid to boost electricity production in the world's eighth largest oil exporter and Africa's most populous nation. The West African nation of 150 million people, which produces less than 4000 megawatt of electricity, is plagued by daily outages blamed on mismanagement and corruption. Jonathan, who has promised to make improved power supply a key item on his program, plans to privatize electricity generation and distribution, and boost natural gas availability to fire new plants.
Though some are wary of foreign investment in African nations (especially by wealthy western nations), a joint agreement such as this, where both parties are set to gain, should be one desired by other African nations dealing with foreign investors.
In an emerging market such as that of Nigeria, it is satisfying to see the president making it a point to use the country’s position to address the everyday needs of the people.
Source: http://www.iol.co.za/news/africa/merkel-arrives-in-nigeria-1.1098989
Photo: Finfacts.ie
Pacers star Tyrese Haliburton has said that his little brother was subjected to racial abuse,…
Reggie Bush has regained his place as the 2005 Heisman Trophy winner after over a…
Since 2012, actor Nick Cannon has openly shared his struggle with lupus to support others…
Former USC superstar Caleb Williams has been drafted by the Chicago Bears as the No.…
Stephen A. Smith is an ESPN analyst. People widely regard him as the face of…
Lil Durk is an American rapper and one of the most influential voices in the…
In 2022, Kevin Hart added a new title to his impressive resume: a tequila entrepreneur.…
AEW's latest pay-per-view, Dynasty 2024 on Sunday night saw Swerve Strickland defeat Samoa Joe to…
Renowned civil rights activist Opal Lee, known as the "Grandmother of Juneteenth," will be awarded…
Violet Horne lost her two sons to gun violence within the space of a month.…
An Ohio man said a K-9 bit him seven times after he was pulled over…
Three male foreign tourists who were spotted posing naked in a popular dune in Namibia…
Will.i.am is partnering with other prominent figures to revolutionize the digital media scene by forming…
Sabelle Beraki's childhood was inundated with the lack of representation when it came to a…
Benjamin Harvey is the founder of AI Squared, a third-party software company that helps organizations…