The Federal Government has announced that a €70 million (N28 trillion) economic cooperation agreement has been signed with the government of Germany.

This was announced by the Minister of State for Finance, Budget and National Planning, Clem Agba who signed for the Federal Government while the Head of German Delegation to Nigeria, Christoph Rauh, signed for Germany.

Benefits of the pact: According to Agba, the agreement would enable the government of Germany to provide assistance to the country in key areas of the economy.

While describing Germany as a reliable partner in terms of bilateral economic cooperation, Agba said that Germany would be intervening in areas such as infrastructure finance, governance, renewable energy, vocational training, job creation, microfinance, ease of doing business, polio eradication and safe school initiative, among others.

“The areas of interventions by the government of Germany are in line with economic sustainability and inclusive growth. We must, therefore, make necessary efforts to ensure that the opportunities offered by these interventions and other similar initiatives are not misplaced,” Agba said.

He also commended the German Government for its continuous support and commitment to the development of the Nigerian nation since the 1960s.

Commenting on the bilateral agreement, the Head of German Delegation to Nigeria said that the intervention in Nigeria was based on his country’s strategic plan for Africa.

He commended the Federal Government on the reforms being implemented in the areas of ease of doing business, corruption and money laundering and urged the government to increase the level of support to displaced people in the North- East region.

Rauh further stated that the Republic of Germany had partnered the country in her march towards polio eradication which had led to 3 years of absence of the white poliovirus. He also expressed the commitment of the German government to achieve its economic policies.