Envoy Says Efforts Ongoing to Lift Nigeria Trade Surplus of $10 billion with Europe Higher

Envoy Says Efforts Ongoing to Lift Nigeria Trade Surplus of $10 billion with Europe Higher

By: Michael Mike

The Europe Union Ambassador to Nigeria, Gautier Mignot has stated that efforts are on to further lift Nigeria’s trade balance of $10 billion surplus as known barriers are in line to be removed.

Mignot said that the expected EU -Nigeria ministers summit is aimed at addressing the trade barriers and other issues.

He said though no date has been fixed for the scheduled summit, he revealed that everyone is looking towards the first quarter of 2026.

He noted that the summit is part of the programmes arranged for 2026.

EU-Nigeria Trade in none oil is in the region of $10 billion in favour of Nigeria.

The ambassador made the revelation during a media chat with the media alongside ambassadors from Czech Republic, Sweden, Poland, Italy, Germany, Finland, France and Portugal.

He said some of the 2026 perspectives: “Hold our EU-Nigeria Ministerial Meeting to advance our relationship across the board”.

He also noted that the EU will “continue the roll-out of the Global Gateway, for example with a planned EU+EBRD support to the BRIDGE project to roll out 90,000 km of optic fibre, but also in renewable energy, climate-smart agriculture.”

He also noted that the EU in the coming year will enhance its support to Nigeria in the area of Peace, Security and Defence, adding that “ with a specific Dialogue to be held early 2026 which might unlock new funding under the European Peace Facility.”

Other things on the table between EU and Nigeria in 2026 according to the envoy include “Negotiate a Science, technology and innovation agreement (the EUMS have approved the negotiation mandate)

“Advance towards a comprehensive partnership on migration and mobility with new funding on the EU side and hopefully the signature of a readmission agreement.

“Organise a business forum to foster trade and investment, in articulation with our Global Gateway strategy.”

The envoy also described as second to none the EU-Nigeria partnership, saying “It is a partnership that delivers for Nigeria and its people and which is acknowledged by our Nigerian interlocutors.

“We proudly are Nigeria’s first trading partner and first market for non-oil and gas exports and Nigeria has a 10 bn USD trade surplus with the EU.”

He also noted that one third of Nigeria’s Foreign Direct Investments stock has come from the EU. “This is not always reflected in statistics because they sometimes take into consideration only our MS individually.

“Now, the EU has a common policy in trade and investment, this is an EU competence and so it’s misleading not to mention the EU a whole, apart from individual performance of MS, in these figures.”

He explained that the first EU-Nigeria Trade and Investment dialogue was held because of the existing barriers and an untapped potential that needed to be exploit.

“Both parties decided to set up dedicated working groups to address this,” he further added.

Mignot stressed that the EU-Nigeria partnership has been based on many assessments and exchange with all kinds of stakeholders and many field visits.

The envoy noted that his visit to 17 states across the six geo-political obe has afforded him first hand experince.

He stressed: “Nigeria is a country facing serious, complex and interlinked challenges but at the same time, it is a country with great potential and some very positive trends.

“As far as challenges are concerned, and to name just a few, the spotlight has been very much on insecurity lately and for good reasons but there are others like poverty and social inequalities.”

He noted EU concern on the need to urgently tackle with humanitarian and life-saving assistance the malnutrition crisis affecting particularly hundreds of thousands of children in NW and NE. “But we also see success and promising development on the macroeconomic front, in the digital sector to mention just one example, and with an incredible entrepreneurial spirit all over Nigeria.

“The FG and many SG we have met are very much trying to encourage this and build upon this entrepreneurial spirit to accelerate growth and sustainable development for all,” he said.

He listed programmes careisd out by the EU to include: “OMI-EKO project launch: a 410M€ project with EU and EIB + France funding (360M€) to create an electric public waterways transportation network in Lagos

“Health investment forum at the end of October (see leaflet) with 41M€ of new projects plus funding and derisking funding schemes for health investments under HDX accelerator

“We launched recently the Nigeria cluster of the Africa-Europe Partnerships for culture, a 30M€ project for Sub-Saharan Africa with a strong West African and Nigerian component. Other cultural projects are also coming to reinforce our action in this sector.”

Besides, the envoy said that the EU “is also actively supporting Nigeria’s fight against insecurity and funding peace-building initiatives across the country. Protecting all populations and in particular minorities and IDPs, is particularly essential. This is what he have done in particular after the Yelwata killing in Benue State in June. In the North, we have launched a Northern package, of some 300M€ of Team Europe funding.

“The EU stands with the populations affected by a humanitarian crisis, particularly children and women in the Northwest and Northeast. While the EU may not fill the vacuum left by those who have withdrawn, Nigeria can count on us as its reliable partners for all times. This year alone, we have committed nearly €50m in humanitarian assistance to address the problem of malnutrition. “

He noted that the EU interest in all this is clear and that is “to help Nigeria (like other West African countries) thrive as a stable, democratic and prosperous neighbour and key partner of Europe. Of course, we also have an economic interest, our companies come to do business and make profit. We are relying now on a strong EUROCHAM which has grown over the year to reach 75 members.”

Envoy Says Efforts Ongoing to Lift Nigeria Trade Surplus of $10 billion with Europe Higher