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Says Nigeria benefits from €10.7b trade surplus with EU
From Aidoghie Paulinus, Abuja
Gautier Mignot, Head of the European Union (EU) Delegation to Nigeria and the Economic Community of West African States (ECOWAS), has said the EU is Nigeria’s largest trading and investment partner.
In his maiden press briefing in Abuja, Mignot disclosed that the EU was Nigeria’s top trading partner in 2023, with 28 percent of its total trade.
The EU envoy further said the total trade in goods amounted to €35 billion in 2023, with an average annual growth rate of 1.5 percent for EU imports and 0.9 percent for EU exports from 2019-2023.
According to Mignot, “Nigeria benefits from a €10.7 billion trade surplus with the EU.
“When it comes to investment, a key priority of President Tinubu’s Renewed Hope Agenda, Nigeria also has its strongest partner in the EU, as our foreign direct investment stock accounts for about one-third of Nigerian FDI, totalling €26.4 billion (2022).”
Mignot also said hundreds of EU companies were present in Nigeria, adding that EU companies have strict compliance policies on anti-corruption, environmental standards, labour, and generally all local legislation.
“They are key providers of jobs and, equally importantly, managerial, technological and vocational training,” Mignot stated.
Mignot added that the EU, its member states, the European Investment Bank, and soon, the European Bank for Reconstruction and Development, were Nigeria’s main development partners.
“The ‘Global Gateway’ is the EU’s new investment strategy aiming at connecting people and accelerating green, digital, and inclusive transitions in partner countries like Nigeria. This means leveraging and accelerating investment and increasingly working in coordination with EU companies to bring concrete benefits to Nigerians. The flagship projects under the Global Gateway include, inter alia, Omi Eko (Lagos waterway transport), development of the renewable energy sector (solar, small hydropower), production of vaccines (MAV+), Erasmus+ and Horizon programs,” he stated.
While saying that the EU recognised the importance of accelerating Nigeria’s industrialisation and maximising opportunities for local added value and job creation, Mignot further said that with the Global Gateway Investment Strategy, the EU worked in sectors crucial for the transformation and diversification of the Nigerian economy such as energy, the digital economy, agriculture and food security.
“The EU also invests in human development: health, education, and social protection, as well as in good governance, migration issues, and fundamental rights. The EU is increasingly developing projects in the north of the country as a whole to respond to the specific development needs of this part of Nigeria. The EU cooperation budget for 2021-2027 amounts to €731 million in grants and is complemented by other instruments.
“The European Investment Bank is active in Nigeria with several loans ranging from digital to agriculture, transport and youth and women employment priorities, with an active pipeline of up to €1.3 billion in ongoing operations. The European Bank for Reconstruction and Development will soon also extend its operations to West Africa, bringing more financing opportunities, in particular for the private sector,” Mignot further said.