…Nigeria remains EU’S largest trade partner
By: Mercy Peter
Nigeria and European Union trade volume has hit over €45 billion, as at September 2023.
This is as Nigeria remains EU largest trade partner, accounting for 20.9% of Nigeria’s global trade.
The EU is made up of 27 European countries. There are 50 countries in the entire Europe.
The Deputy Speaker, House of Representatives, Benjamin Kalu said the value of trade
between Nigeria and the EU has increased consistently, demonstrating the
potential for even greater collaboration.
Kalu who spoke on Thursdsy night at the occassion of European Day, 2024 said Nigeria is prepared to provide an encouraging environment for investment.
He 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.”
Quoting the United Nations COMTRADE database, Kalu added, “as of September
2023, the EU’s bilateral trade with Nigeria has surpassed €45billion.
“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.
“The European
Union (EU) is supporting Nigeria’s digital transformation with a €820million
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.”
The EU’s commitment to the Climate-Smart
Agriculture for Development program, Deputy Speaker Kalu said, “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”.
“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,” he further said.
