Germany has hailed Nigeria as one of Europe’s most important energy partners, as the West African nation’s foreign reserves surged to $51.9 billion in July 2026 — a twelvefold increase from $3.99 billion in 2023.

The Nigeria Revenue Service reported on August 10 that economic growth climbed from 2.74 per cent in 2023 to 3.8 per cent in the first half of 2026.

The World Bank projects growth will strengthen to 4.4 per cent in both 2026 and 2027 — the fastest pace in over a decade.

German Foreign Minister Johann Wadephul, speaking at a Lagos reception in July, said: “In the first half of 2026, Nigeria has become one of the most important jet fuel suppliers for Europe. Only in June, Nigeria covered 25 per cent of Europe’s jet fuel supplies.”

Tax collections more than doubled from N12.3 trillion in 2023 to N27.1 trillion as of July 2026, driven by digitised tax systems and four new reform laws. The country recorded a trade surplus of N7.55 trillion in the first quarter of 2026, up from a marginal N44.7 billion surplus previously.

Oil production rose from 1.2–1.3 million barrels per day in 2023 to 1.73 million by July 2026 — 104 per cent of Nigeria’s OPEC quota. The naira-for-crude arrangement with Dangote Refinery and other local refineries has helped Nigeria become a net exporter of petroleum products after decades of import dependence.

“The reforms inherited four major economic distortions: a fiscally unsustainable fuel subsidy regime, an opaque foreign exchange system that discouraged investment, a non-performing oil sector and a tax base far below its potential,” the NRS report stated.

On July 2, the International Energy Agency admitted Nigeria as an Association Country — the first OPEC member and sixth African nation to attain the status. Minister of State for Petroleum Resources Ekperikpe Ekpo announced: “As the first OPEC member to partner with the IEA and its sixth African association member, Nigeria is uniquely anchoring a balanced global dialogue, ensuring equitable energy transitions while defending the right of developing nations to responsibly harness their gas assets.”

The market capitalisation of the Nigerian Exchange rose from N30.36 trillion in 2023 to N161 trillion in 2026. Annual capital importation increased from $3.9 billion in 2023 to $23.22 billion in 2025.

More than 100,000 vehicles have been converted to compressed natural gas, with over $2 billion in investment mobilised. The minimum wage doubled between 2023 and 2026, while the number of out-of-school children fell from 20 million to 18.3 million, according to UNICEF estimates.

On August 19, the Federal Executive Council approved infrastructure projects worth over N610 billion. Days earlier, the government unveiled a National Digital Cloud Policy targeting $750 million in private investment within 24 months.

“We want to work together, Germany and Nigeria, Europe and Africa, striving for security, freedom and prosperity for our nations,” Wadephul said.