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The President of Giessen Chamber of Commerce and Industry, Germany, Dr. Mathias Leder, has revealed plans to help Nigeria improve its export and address the trade imbalance between the two countries. Leder made this known at the opening ceremony of the 14th Gateway International Trade Fair in Abeokuta, Ogun State.

Leder emphasized the need for improved labour productivity through skill training, innovation, cooperative economy, single-digit interest credit facilities, and legal migration of labour. He described the quality of trade between Germany and Africa as “very uneven,” attributing this imbalance to the low volume of international trade between Germany and Africa, which stands at 2%.

“The balance of trade between Germany and Africa compared to Brazil and the Republic of China is very uneven,” Leder said. “Though Germany does a lot of trading with Brazil and China, its volume of international trade with Africa is 2% out of which Nigeria is less than 1%, and my dream is to see that the trade between Germany and Africa grows.”

Leder urged the government to create an enabling environment for small and medium enterprises to thrive, emphasizing the importance of international trade in driving prosperity and development. He highlighted the benefits of dual vocational training, legal migration, and cooperative banking in improving productivity and addressing trade imbalances.

Governor Dapo Abiodun, represented by the Commissioner for Agriculture, Bolu Owotomo, pledged to sustain Ogun State’s status as a hub for investors and industrial development. He identified infrastructural development and ease of doing business as key factors contributing to the state’s success.

Former Minister of Information and Culture, Alhaja Lai Mohammed, commended the federal government’s efforts to enhance the export value of Nigerian products. He advocated for the addition of value to raw materials and the establishment of factories to process goods for export.

“The federal government is on the right path,” Mohammed said. “We should refrain from exporting our raw materials; we must add value to our raw materials and then we shall be able to have good export markets.”

Mohammed emphasized the importance of meeting international standards for export, citing the African Export-Import Bank (Afrexim Bank) facility in Ogun State as a resource for entrepreneurs.

“We must take advantage of the regulatory bodies to meet up with the standard,” Mohammed said. “Luckily, Afrexim Bank has set up a place here in Ogun State where you can go and check the standard of your products to know if they are fit for export.”

He also advocated for cooperative banking as a solution to high interest rates.

“Rather than exporting our cocoa, our gold, we need to set up factories that can help process them to give them more value before they are exported,” Mohammed said. “Talking about the high interest rates, the way out is cooperative banking, it’s like the ‘esusu’ system that our forefathers used to make use of in the past.”

Dr. Leder also highlighted the potential for innovation and technology to drive economic growth.

“Innovation is key to economic growth, and we need to create platforms for companies to meet and access innovation that can help lift up their companies,” Leder said.

The 14th Gateway International Trade Fair is expected to provide a platform for businesses to connect and explore new opportunities for growth and development.

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