The Japan Times - German FM, on Africa tour, eyes business ties amid US, China pressure

EUR -
AED 4.190105
AFN 75.872425
ALL 93.736217
AMD 418.599954
AOA 1046.812979
ARS 1691.481841
AUD 1.631582
AWG 2.053693
AZN 1.949017
BAM 1.956556
BBD 2.297688
BDT 140.804403
BHD 0.430266
BIF 3407.016379
BMD 1.140941
BND 1.473269
BOB 12.405793
BRL 5.787883
BSD 1.140841
BTN 110.227589
BWP 15.546007
BYN 3.288471
BYR 22362.440244
BZD 2.294386
CAD 1.607779
CDF 2576.812762
CHF 0.929522
CLF 0.027149
CLP 1068.399932
CNY 7.719663
CNH 7.730387
COP 3673.487186
CRC 517.599987
CUC 1.140941
CUP 30.234932
CVE 110.30762
CZK 24.177392
DJF 202.767957
DKK 7.475638
DOP 66.405657
DZD 151.984782
EGP 58.531742
ERN 17.114112
ETB 184.131744
FJD 2.534942
FKP 0.853206
GBP 0.853253
GEL 2.989116
GGP 0.853206
GHS 13.250119
GIP 0.853206
GMD 83.288459
GNF 10009.867543
GTQ 8.702362
GYD 238.672217
HKD 8.946562
HNL 30.550804
HRK 7.533747
HTG 149.15763
HUF 363.920763
IDR 20426.491846
ILS 3.489853
IMP 0.853206
INR 110.148024
IQD 1494.477426
IRR 1568993.304025
ISK 143.393535
JEP 0.853206
JMD 181.059957
JOD 0.808917
JPY 186.148491
KES 147.740195
KGS 99.774761
KHR 4608.780709
KMF 492.886706
KRW 1686.208802
KWD 0.353589
KYD 0.950667
KZT 533.356074
LAK 25805.970731
LBP 102158.971472
LKR 383.678243
LRD 206.489782
LSL 18.801064
LTL 3.368902
LVL 0.690143
LYD 7.320829
MAD 10.710138
MDL 20.060751
MGA 4867.880818
MKD 61.603802
MMK 2395.231975
MNT 4094.849611
MOP 9.21306
MRU 45.574609
MUR 53.954958
MVR 17.62715
MWK 1978.164309
MXN 19.860117
MYR 4.662912
MZN 72.914803
NAD 18.801064
NGN 1567.56146
NIO 41.986222
NOK 10.960602
NPR 176.364142
NZD 1.962075
OMR 0.438683
PAB 1.140841
PEN 3.881
PGK 5.103972
PHP 70.523266
PKR 316.943658
PLN 4.330515
PYG 6914.671643
QAR 4.159007
RON 5.23623
RSD 117.408526
RUB 88.966005
RWF 1678.648585
SAR 4.2929
SBD 9.212714
SCR 15.25461
SDG 685.139379
SEK 11.071017
SGD 1.473303
SLE 27.781445
SOS 651.951897
SRD 43.053969
STD 23615.171605
STN 24.50947
SVC 9.981857
SZL 18.783257
THB 38.529496
TJS 10.552477
TMT 3.993293
TND 3.377105
TRY 53.857684
TTD 7.740991
TWD 37.028664
TZS 3012.081465
UAH 51.086138
UGX 4266.648518
USD 1.140941
UYU 45.777687
UZS 13748.311977
VES 840.086713
VND 30022.146498
VUV 136.293635
WST 3.128426
XAF 656.210542
XAG 0.019024
XAU 0.000276
XCD 3.08345
XCG 2.055994
XDR 0.81608
XOF 656.210542
XPF 119.331742
YER 272.171532
ZAR 18.717117
ZMK 10269.83597
ZMW 20.962099
ZWL 367.382481
  • CMSC

    -0.0700

    21.925

    -0.32%

  • JRI

    0.0000

    12.93

    0%

  • CMSD

    -0.0250

    22.175

    -0.11%

  • BCC

    2.3250

    76.725

    +3.03%

  • RIO

    1.7400

    92.29

    +1.89%

  • BCE

    -0.0850

    21.565

    -0.39%

  • NGG

    1.9450

    83.995

    +2.32%

  • AZN

    0.1300

    169.47

    +0.08%

  • RYCEF

    0.3800

    18.75

    +2.03%

  • RBGPF

    0.0000

    67.35

    0%

  • BP

    0.6500

    43.41

    +1.5%

  • BTI

    0.7700

    62.19

    +1.24%

  • RELX

    -0.0050

    32.725

    -0.02%

  • VOD

    0.2700

    15.54

    +1.74%

  • GSK

    0.1450

    50.925

    +0.28%

German FM, on Africa tour, eyes business ties amid US, China pressure
German FM, on Africa tour, eyes business ties amid US, China pressure / Photo: INA FASSBENDER - AFP

German FM, on Africa tour, eyes business ties amid US, China pressure

Germany's foreign minister wrapped up a two-day visit to Nigeria Wednesday as Berlin moves to deepen business opportunities across Africa amid a more isolationist United States and geo-political pressure from Russia and China.

Text size:

Johann Wadephul called for "strengthening trade and investment" at a meeting with his counterpart Bianca Odumegwu-Ojukwu in Abuja, having spent Tuesday in the economic capital, Lagos.

Claudia Roth, a Green party member of parliament accompanying Wadephul, told AFP "in this world I think desperately, we need new partners... against the warlords in politics, against these Trumps and Putins and Xis."

Diplomatic and trade tensions have flared between the United States and Europe as US President Donald Trump has upended global trade policy and threatened the stability of the NATO military alliance.

Europe's economy is under pressure from what it calls unfair Chinese trade practices, while Russia's full-scale invasion of Ukraine drags into its fifth year.

China and Russia have also carved out economic and security ties, respectively, in Africa.

But Wadephul, on his third trip to Africa this year, said "the potential of our economic partnership is far from exhausted" in Nigeria, "particularly in information technology and the vibrant start-up sector".

Bilateral trade grew by around 10 percent last year, he said.

That comes as President Bola Tinubu has engaged in a raft of reforms, hailed by economists and investors, including liberalising the naira currency exchange rate, overhauling the tax code and removing a costly fuel subsidy.

Wadephul named "critical raw materials, renewable energy and the pharmaceutical industry" as areas for potential growth.

- Dwindling foreign aid -

The German foreign minister also commended Nigeria -- which has been fighting a jihadist insurgency concentrated in its northeast since 2009 -- for standing on "the front line in the fight against terrorism and violent extremism".

He warned of a "spillover" of fighting from separate insurgencies in the neighbouring Sahel.

Wadephul's promise of continued security and humanitarian cooperation, however, comes as Germany's foreign aid budget has been cut repeatedly.

While the United States has come under scrutiny for dismantling its main aid organ, USAID, there has also been a broader Western retreat from foreign assistance in recent years.

Tinubu's economic reforms, meanwhile, have sparked frustrations domestically after they caused crushing inflation in the short term.

Roth, the Green lawmaker, said that humanitarian aid would remain on the agenda.

Mauritania, where the German delegation stopped Monday, "desperately needs it", she said, citing hundreds of thousands of refugees who have arrived from neighbouring Mali "because the situation in the Sahel is so dangerous".

Germany would also pursue "partnerships on a different level" across Africa, she said.

"We are not coming from the north and educating people, but we are coming and saying... 'we do not know anything better, we have to learn from you'," she told AFP.

"Europe is quite fragile, so we need a strong partnership."

Wadephul's three-country tour ends in South Africa on Thursday.

H.Takahashi--JT