Nigeria/EU trade volume hits €45b

By: Michael Mike

Latest statistics has shown that Nigeria and European Union trade volume has grown to €45 billion.

The statistics showed that this was the case as at September 2023, even as the
United Nations COMTRADE database indicated that Nigeria remains EU largest trade partner, accounting for 20.9% of Nigeria’s global trade.

The EU is made up of 28 European countries, though there are 50 countries considered European.

The Deputy Speaker, House of Representatives, Benjamin Kalu during the celebration of 2024 European Day in Abuja on Thursday night said the value of trade between Nigeria and the EU has increased consistently, demonstrating the
potential for even greater collaboration.

Kalu while disclosing that Nigeria is prepared to provide an encouraging environment for investment, said: “The European Union is one of our most significant trading partners, and our economic ties have grown steadily.

“The value of trade between Nigeria and the EU has increased consistently, demonstrating the potential for even greater collaboration.”

Kalu while quoting the United Nations COMTRADE database, added that “as of September 2023, the EU’s bilateral trade with Nigeria has surpassed €45 billion.

“The EU is Nigeria’s largest trading partner, accounting for 20.9% of Nigeria’s
global trade.”

He assured EU that: “As we look to the future, Nigeria is committed to engendering an environment encouraging investment and trade with our European
partners.

“We recognize the vital role that
European businesses play in our economic development, and we welcome
continued investment in ourindustries, infrastructure, and technology
sectors.”

He equally, commended the cultural exchange between both parties, saying “Europe is a source of rich history, art, and
innovation, while Nigeria is a vibrant hub of diverse cultures and traditions.

“By having cultural exchanges, we build bridges of understanding that
transcend geographical boundaries.

“I am pleased to see that more
European cultural events are being held in Nigeria and that Nigerian
artists, musicians, and scholars are gaining recognition in Europe.

“These exchanges contribute to a more harmonious and interconnected world.”

The Deputy Speaker also commended the EU for it support to the country, especially in the area of education, healthcare,
digital economy, agriculture, security, and governance.

He noted that: “The European Union (EU) is supporting Nigeria’s digital transformation with a €820 million
investment through its Global Gateway initiative.

“This investment includes €160million in grants and €660million in loans.

“The EU is also supporting
Nigeria’s digital future through the AU-EUD4D Hub, a project that helps
African institutions create an enabling environment for a sustainable digital
transformation.

“Further more, the European Union has initiated several projects aimed at
promoting climate-smart agriculture and advancing Nigeria’s green transition.

“The GENESII: Mobility for Plant Genomics Scholars to Accelerate Climate-Smart Adaptation Options and Food Security in Africa II, is designed to foster academic exchange and research in plant
genomics, enhancing Africa’s adaptation to climate change and promoting
food security.

“The Small Hydro Power Development for Agro-industry Use (SHP-DAIN) project promotes the use of small-scale hydro power to boost agro-industrial production.”

He stressed that the EU’s commitment to the Climate-Smart Agriculture for Development Programme “underlines its support for climate-smart, innovative agriculture with an improved agribusiness climate and equitable participation of women and youth.”

He also said: “Beyond these projects,
the EU has also demonstrated its commitment to security and peace in the
Lake Chad region, mobilizing €2.5 billion since 2014 to support stabilization, peace, and security initiatives.

“This extensive support highlights the EU’s dedication to sustainable development and enhancing the quality of life for Nigerians”.

Kalu said: “As the Deputy Speaker of Nigeria’s House of Representatives, I believe in the importance of strengthening our democratic institutions and promoting
good governance.

“Europe has been a valuable partner in this regard, offering support and guidance as we work to uphold the principles of
democracy and the rule of law.”

In her remarks, Head of EU delegation to Nigeria and ECOWAS, Ambassador Samuela Isopi said Nigeria remains a strategic partner to EU.

Isopi said EU cooperation with Nigeria tops global rankings whether in the energy and climate, digital, innovation, health or entrepreneurship areas.

She also said EU is targeting critical private and public investment in Nigeria.

Isopi also assured Nigeria of EU support in the efforts at ensuring democratic rules in the West African region.

She noted that: “A year ago, we met to celebrate Europe Day on the eve of the inauguration of the new administration in Nigeria and the start of a new chapter in our partnership. Since then, the joint visit of EU International Partnerships and Energy Commissioners, Jutta Urpilainen and Kadri Simpson, in October last year for the EU-Nigeria Strategic Dialogue, positioned Nigeria as a primary partner for the European Union.

“By now, EU cooperation with Nigeria tops global rankings whether in the energy and climate, digital, innovation, health or entrepreneurship areas. This is further amplified by our joint work with EU Member States and EU financial institutions (such as the European Investment Bank) as Team Europe, which combines our strengths across most areas of cooperation.

“In line with the Global Gateway strategy, EU cooperation is now targeting critical public and private investments, thereby providing the necessary instruments to make such investments viable and sustainable. In the health sector, besides continuous support to public actors at federal and state level, our support includes the mobilisation of public and private sectors investors towards increased local manufacturing of vaccines and other health products. “

On the coming Nigeria/EU Business Forum on July 2nd in Abuja, Isopi said it will bear witness to progress made and raise our ambition for the years to come.”

Adding, “As we increasingly focus on investments, our support to migration, governance, peace and security will continue unabated. This support reflects the fundamental values and challenges that bind the EU and Nigeria, such as the rule of law, democratic governance and protection of fundamental rights.

“In that regard, we believe that the position – and empowerment – of women and youth in today’s Nigeria deserves our collective attention. “

On the political front, the envoy said “While working with the National Assembly, Government at Federal and State level, we remain strong advocate and supporters of the need for a vibrant civil society, which provides a unique opportunity to promote change and accountability.

“Since we last met to celebrate Europe day, West Africa has gone through one of the most difficult times in its history.

“The EU continues to stand by Nigeria, by its regional partners and by ECOWAS and remains committed to supporting the region in building a community for the people.”

Nigeria/EU trade volume hits €45b