The European Union Ambassador to Nigeria and the Economic Community of West African States, Samuela Isopi, has said the EU remains Nigeria’s biggest foreign investor with a stock estimated at €26bn.
Isopi said the stock represented one-third of Nigeria’s Foreign Direct Investment stock.
He added that the EU is Nigeria’s largest trading partner with a total trade of almost €35bn in 2023, accounting for about one-third of Nigeria’s foreign trade and a balance – at over €10bn euros – in favour of Nigeria.
The ambassador revealed the latest figures during her opening remarks at the ninth edition of Nigeria-EU Business Forum on Tuesday in Abuja, themed, “Investing in jobs and sustainable future.”
She said the forum highlights the importance of international partnerships in promoting sustainable economic development.
“Trade and sustainable investment are not only at the core of the renewed hope agenda, they are also at the centre of the partnership between the EU, its Member States and Nigeria. And this is not by chance.
“The European Union is by far Nigeria’s largest trading partner with a total trade of almost €35bn last year, accounting for about one-third of Nigeria’s foreign trade, and a balance – at over 10 billion euros – in favour of Nigeria.
“The European Union is also, Nigeria’s biggest foreign investor with a stock estimated at €26bn, representing one-third of Nigeria’s FDI stock. In collaboration with our Member States and with EUROCHAM Nigeria, the European Chamber of Commerce, we have carried out the first-ever mapping of EU companies present in Nigeria: and the findings are quite extraordinary.”
Isopi stated that the EU and its member States are also a top development partner and first grant donors, covering sectors that are critical to economic growth.
According to her, the European Investment Bank is increasingly active in Nigeria with an important ongoing portfolio, on innovation, renewable energies and private sector development, and new operations in the pipeline.
She mentioned that there are plans to deepen economic ties and promote additional investments by exploring the potential of a Sustainable Investment Facilitation Agreement.
“More could be done to boost our trade relations. On our side we stand ready to engage, should Nigeria – as the only holdout in West Africa – reconsider its position on the Economic Partnership Agreement with the European Union, an instrument in support of economic diversification and local added-value, in line with Nigeria’s industrial ambitions.
“The EPA would also open up, fully and immediately, access to the EU market, a market of over 400 million consumers,” she added.
In his address, the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, the country is ready to maximise the potential of its youthful population to drive up trade reiterating that the EU is Nigeria’s largest trading partner.
Tijani said, “Trade is essential for the development of any nation. Trade makes the world go around, and I think most importantly, when we talk about trade, we are not just talking about imports here, we are also talking about exports. So we actually do sell to the EU, and I’ve had a good working relationship with the EU.
“The ambition that we have as a nation, where the president has recognised that the opportunity we have to leapfrog development in Nigeria, will require that we think differently and we do things differently, which is why as a government, we’re investing significantly in agriculture, for instance.
“As a government, we are investing significantly in infrastructure because there’s little we can do without proper infrastructure to power what we want to see. But, also things around the rule of law and making sure that people can do business effectively in the country are also something that the president takes to heart and is constantly supporting.”
He added, “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 further emphasised that the government wants to ensure everyone in the country has access to quality internet.
He said, “We plan to lead the investment with 90,000 kilometres of fibre-optic, which is going to cost us about two billion dollars. But the EU is the first to step forward and say we’ll be more than happy to support you in the necessary studies that you need to do to ensure that you can properly, not just raise this money, but also deploy the fibre.”
On her part, the Deputy Director General, Directorate General for International Partnerships, European Commission, Myriam Ferran, said the commission is working with the government and the private sector in the fields of renewable energy, green transition, climate change, transport, digitalisation, agricultural value chains, as well as enablers for human capital development and in particular, education and health.
“Our objective is to strengthen the links between the EU and sub-Saharan Africa, also in the multilateral fora and on the basis of value, and values apply in each and every way of doing things, in the way we conduct digitalisation, and it’s why we want to intervene.
“We are very keen in supporting investment in infrastructure, but we’re equally keen to work with the government in data governance, protection of personal data, to make the use of digitalisation human-centric and in respect of fundamental values.
“The rule of law is essential to any investment. So we also support all the reforms of the government to improve the business environment, to make investments easier,” she added.
The event’s highlight was the signing of an agreement for a €300,000 grant between the European Union and the European Business Chamber, aimed at supporting the Chamber’s further development.
The funds will be allocated to various landscape developmental projects, including capacity-building programs, member services enhancement, and initiatives aimed at improving the business climate in Nigeria.
Eurocham Nigeria will also use the grant to organize events, workshops, and training sessions that will benefit its members and the broader Nigerian business landscape.