Samuela Isopi, the European Union Ambassador to Nigeria and the Economic Community of West African States, stated that the EU remains Nigeria’s largest foreign investor, with a stock valued at €26 billion.
Isopi said that the equity accounted for one-third of Nigeria’s Foreign Direct Investment stock.
He noted that the EU is Nigeria’s greatest trading partner, with a total trade of about €35 billion in 2023, accounting for roughly one-third of Nigeria’s foreign trade and a balance of more than €10 billion in favour of Nigeria.
The ambassador announced the new data during her opening remarks at the ninth edition of the Nigeria-EU Business Forum on Tuesday in Abuja, which was themed “Investing in jobs and a sustainable future.
She stated that the meeting emphasises the necessity of international cooperation in promoting long-term economic development. “Trade and sustainable investment are key to the renewed hope agenda, as well as the collaboration between the EU, its Member States, and Nigeria. And it’s not by luck.
The European Union is by far Nigeria’s largest trading partner, accounting for about €35 billion in total commerce last year, or around one-third of Nigeria’s foreign trade, with a balance of more than 10 billion euros in Nigeria’s favour.
The European Union is also Nigeria’s largest foreign investor, with a stock valued at €26 billion, accounting for one-third of Nigeria’s FDI stock. In conjunction with our Member States and EUROCHAM Nigeria, the European Chamber of Commerce, we conducted the first-ever mapping of EU enterprises present in Nigeria, and the results are pretty astonishing.
According to Isopi, the EU and its member states are also top development partners and first grant providers, with a focus on crucial areas for economic growth.
According to her, the European Investment Bank is becoming more active in Nigeria, with a significant ongoing portfolio focused on innovation, renewable energy, and private sector growth, as well as new operations in the works.
She stated that there are plans to strengthen economic connections and encourage new investments by looking into the possibility of a Sustainable Investment Facilitation Agreement.
More might be done to improve our trading connections. On our part, we are prepared to engage if Nigeria, as the lone holdout in West Africa, reconsiders its position on the Economic Partnership Agreement with the European Union, an instrument that promotes economic diversification and local added value, in keeping with Nigeria’s industrial objectives.
“The EPA would also open up, fully and immediately, access to the EU market, a market of over 400 million consumers,” according to her.
In his speech, the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, stated that the country is ready to capitalise on the potential of its young people to boost trade, emphasising that the EU is Nigeria’s largest trading partner.
What they’re saying
Tijani stated, “Trade is critical to the prosperity of every nation. commerce makes the world go around, and I believe that when we talk about commerce, we are not only talking about imports but also about exports. So we genuinely sell to the EU, and I’ve had a positive working relationship with them.
“The president has acknowledged that the chance to leapfrog development in Nigeria will need us to think differently and do things differently, which is why, as a government, we are spending considerably in agriculture, for example.
“As a government, we are spending heavily in infrastructure because there is little we can achieve without adequate infrastructure to fuel our desired outcomes. However, the president also cares about the rule of law and ensuring that individuals can conduct business successfully in the country. He continued:
“As a very youthful population, there’s also opportunity between our countries, even around workforce, to ensure that even though Europe has an ageing population, we have a very youthful population and there’s opportunity there for Nigeria to support in the future of work for Europe.” The minister stressed that the government aims to ensure that everyone in the country has access to high-quality internet.
He stated,
“We intend to lead the initiative with 90,000 kilometres of fibre-optic, which will cost us approximately two billion dollars. But the EU is the first to step up and say, “We’ll be happy to help you with the necessary studies to ensure that you can properly raise this money and deploy the fibre.” Myriam Ferran, Deputy Director General, Directorate General for International Partnerships, European Commission, stated that the commission is collaborating with the government and the private sector on renewable energy, green transition, climate change, transport, digitalisation, agricultural value chains, and enablers for human capital development, particularly education and health.
“Our goal is to expand the linkages between the EU and Sub-Saharan Africa, both in multilateral fora and on the basis of value, because values apply to everything we do, including how we conduct digitalization, which is why we want to intervene. “We are really interested in supporting infrastructure investment, but we are also interested in collaborating with the government on data governance, personal data security, and making digitalization more human-centric and respectful of core values.
“The rule of law is important for any investment. So we also support all of the government’s policies to improve the business environment and facilitate investment,” she added.
Why this matters
The event’s centrepiece was the signing of a €300,000 grant agreement between the European Union and the European Business Chamber to support the Chamber’s future development.
The money will be used for a variety of landscape development projects, such as capacity-building programmes, member service enhancements, and attempts to improve Nigeria’s business climate.
Eurocham Nigeria will also use the funds to organise events, workshops, and training sessions that would benefit both its members and the Nigerian business community.
In Essence
Leveraging Nigeria’s youthful population to support workforce needs in Europe presents a unique opportunity for mutual benefit.
The emphasis on sustainable investment and cooperation in areas like renewable energy, innovation, and private sector growth aligns well with Nigeria’s developmental goals.
