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The European Union (EU) and the Economic Community of West African States (ECOWAS) have urged global investors to leverage Nigeria’s strategic position as a gateway to regional and continental markets, highlighting vast opportunities across key sectors of the economy.
The call was made at the 10th Nigeria-EU Business Forum in Lagos, where government officials, business leaders, investors, and development partners explored strategies to strengthen trade, investment, and sustainable economic growth.
In a video message, the EU’s High Representative for Foreign Affairs and Security Policy, who also serves as Vice-President of the European Commission, Kaja Kallas, described Nigeria as an economic powerhouse on the African continent and reaffirmed its importance as one of the EU’s key partners.
She maintained that Nigeria offers significant opportunities for European businesses seeking to expand into Africa.
“The choice to come to Nigeria was no coincidence. Unarguably, Nigeria is an economic powerhouse on the African continent and an important partner for the EU today,” she maintained.
She encouraged European investors to take advantage of the country’s vast economic potential, describing Nigeria as an excellent destination for investment. She added that the swift organisation of the Business Forum following her recent visit to Nigeria demonstrated the growing commitment of both European and Nigerian businesses to deepen commercial ties.
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Also speaking, the Director of Trade at the ECOWAS Commission, Kolawole Sofola, representing the Commission’s President, Dr Omar Alieu Touray, said the partnership between Nigeria and the EU had evolved beyond conventional trade to encompass broader economic cooperation and regional integration.
Sofola noted that the ECOWAS regional market of more than 400 million people, combined with the African Continental Free Trade Area (AfCFTA), provides investors with access to a continental market of more than 1.4 billion consumers under a harmonised legal framework.
He urged investors to view Lagos as more than a business destination, describing it as a strategic entry point into West Africa and the wider African market.
He further noted that sectors such as agro-processing, manufacturing, renewable energy, and the digital economy offer enormous investment potential.
Sofola also commended the EU’s support for regional infrastructure development, citing the Abidjan-Lagos Corridor under the Global Gateway initiative as a major project expected to improve trade connectivity and facilitate cross-border investment.
Held under the theme, “Enhancing Sustainable Investment Together,” the 10th Nigeria-EU Business Forum reaffirmed the commitment of Nigeria, the European Union, and ECOWAS to deepen economic cooperation, promote sustainable investment, and drive private sector-led growth across West Africa.
