From Aidoghie Paulinus, Abuja
A recent study has shown that over 230 European companies are operating in Nigeria.
The companies, according to the report of a recent study by Commercium Africa, accounted for over 130,000 jobs in the nation’s economy.
The study commissioned by the European Union (EU), also showed that 42 percent of the companies arrived in Nigeria in the last decade, underlining the country’s economic potential and the increasing tempo of investment from the European Union in Nigeria’s economy in recent years.
The Delegation of the European Union to Nigeria and the Economic Community of West African States (ECOWAS), in a statement issued in Abuja, said in addition to Nigeria being a major destination of choice for European investments, the European Union is the country’s largest trading partner by a wide margin, with notable balance of trade in favour of Nigeria.
“The new study, which for the first time, mapped out the presence of EU companies in Nigeria, also shows that EU companies invested over €2 billion into the Nigerian economy in the last fiscal year, reaching a turnover of about €4 billion during the period.
“According to the report, four in every five or 80 per cent of the EU companies are headquartered in Lagos, Nigeria’s commercial capital, with manufacturing being the largest individual sector, and accounting for 19 per cent of over 230 firms. European companies are also contributing to the pool of skills in the Nigerian economy, having provided 6,000 of their employees with professional training opportunities, the report notes,” the EU said.
Reacting to the development, the European Union Ambassador to Nigeria and ECOWAS, Ms Samuela Isopi, expressed delight over the footprints of the EU businesses in the country.
“As we delve into the extensive presence and contributions of the EU companies in Nigeria, it becomes evident that the European Union’s partnership with Nigeria goes beyond trade figures. Our commitment to Nigeria’s growth is reflected in the investments, job opportunities, and economic contributions made by the EU companies. This first mapping highlights the importance of our relationship and the potential for further collaboration in various sectors. We remain dedicated to working hand in hand with Nigeria for mutual prosperity,” Isopi said.
Welcoming the report, the President of the European Business Chamber Nigeria (EuroCham), Mr Yann Gilbert, said the findings of the study are impactful.
“The results illustrate the substantial and consistent contribution of EU companies to the Nigerian economy over the years, underlining the important role played in fostering economic growth, job creation, human capital development, circular economy and innovation spread all over the Federal Republic of Nigeria. Moreover, the results confirm the consistent strengthening of our bilateral ties, emphasizing the positive collaborative spirit that defines EU-Nigeria relations,” Gilbert said.