After Paolo's penalty was saved by Peter Enckelman in the 67th minute, it looked as if all three points were going back to Birmingham until Jermain struck in injury time.
Talking of his strike partner's miss, he says: "I can't say too much about that - he normally puts them away but all top class players miss penalties.
"He said sorry at the time and when I scored he said thank you to me because at least we got the point, and we were just glad that we didn't lose."
He says of the strike: "I just hit it on the volley. As soon as it came to me I thought I am just going to turn and hit it because there was a little space between them, and to see it hit the back of the net was great.
"It was my only real shot but I just thought 'keep it going to the last minute' - I didn't see the board go up so I didn't know how long was left."
It was Jermain's first senior goal at Upton Park, and, like his other two efforts in the Premiership this season, was scored in the last 10 minutes of the game.
To add to the 19-year-old's delight, Glenn Roeder praised his performance as being a "very important one to his career."
He certainly enjoyed the celebrations after the goal and says: "I wanted to jump over the hoardings but I told myself to relax, and then Michael Carrick jumped on me.
"But I would have swapped the goal for a win, definitely, because we needed one.
"In the 15 or 20 minutes of the first half we couldn't get the ball down to pass it and the fans started getting on our back.
"But it changed round in the second half, they got behind us, and in the end we got the goal we deserved.
"We should have won the game with the chances we had, it just seems things aren't going in for us at the moment, but I'm sure it will turn round sooner or later."
Next stop is 'struggling' Manchester United on Saturday and Jermain says: "I'm looking forward to it; it is the first time for me going to Old Trafford although I've been there to watch games.
"They are still a great side and you never know what can happen with them - they are still one of the most dangerous teams in the country and they have world class players."
He rejects the assertion that is a good time to go to Old Trafford and concludes: "You can never say that about Manchester United. We'll see what happens and all the lads are looking forward to it so we'll try to get a result, but it will be another tough game on Saturday.
"We should be a lot higher in the table with the chances we've had and the football we've been playing but hopefully we can turn things round soon."