The European Union and the European Business Chamber Nigeria signed a €300,000 grant agreement on Tuesday to support further development of the chamber.
The financial contribution underscores the EU’s commitment to fostering strong economic and commercial ties with Nigeria.
The Deputy Director General, Directorate of International Partnerships, European Commission, Ms Myriam Ferran, and Eurocham’s Vice-President, Mr Frederik Klinke, signed the grant agreement on behalf of the two parties during the 9th EU – Nigerian Business Forum, held in Abuja.
The grant aims to enhance Eurocham’s capacity to serve its members better, promote European business interests in Nigeria, and contribute to mutual economic growth and development.
Ferran underlined the importance of the partnership, emphasising the EU’s commitment to supporting initiatives that drive economic growth and strengthen the ties between the EU and Nigeria in line with the Global Gateway Strategy.
“This grant to Eurocham Nigeria is a testimony to the EU’s dedication to fostering a vibrant business environment and facilitating meaningful economic exchanges in Nigeria,” she said.
The Chief Executive Officer of Allianze Nigeria, Mr Yomi Onifade and Klinke, who is also the CEO of APM Terminals), who were both present at the signing of the grant agreement, expressed gratitude for the continued support from the EU delegation.
They stated that the grant marked a pivotal moment in the history of Eurocham Nigeria, and will enable the Chamber to expand its activities, provide more robust support to its members, and play a more active role in the economic development of Nigeria.
Meanwhile, the funds will be allocated to various 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 to benefit its members and the broader Nigerian business landscape.
Eurocham Nigeria and the EU delegation are confident that this collaboration will yield significant benefits, fostering a mutually advantageous relationship and contributing to the economic prosperity of both regions.
Similarly, the EU delegation to Nigeria and the Economic Community of West African States launched the EU-Nigeria agribusiness platform aimed at increasing private investments in the country’s agribusiness sector.
The initiative will contribute to the reduction of food insecurity and poverty as well as the attainment of sustainable economic development in Nigeria.
The EU-Nigeria agribusiness platform will contribute to boosting the exploration and exploitation of agribusiness opportunities between Nigeria and the EU through the establishment and maintenance of a network of active members of agribusinesses across Nigeria and the EU.
An agribusiness platform is a form of digital agricultural platform that provides digital marketing, trading, or investment space for commercial and/or transactional activities, interactions, communications, integrations, and cooperation in the agri-food system and agro-industry between Nigerian and European Small and Medium-sized Enterprises.
The platform’s primary focus is to create linkages and interactions between Nigeria and EU agribusiness stakeholders, especially among SMEs; to promote trade and investment between both sides.
The volume of EU-Nigeria trade stood at €24.6bn in 2023 – 18.7 per cent lower than in 2022, and the EU remains Nigeria’s biggest trading partner, first investor, top donor of humanitarian and development aid, and the biggest diplomatic network.