EU moves to boost N12.4trn trade with Nigeria

The European Union (EU) is looking into strengthening its trade relations with Nigeria through exploring further partnership opportunities to ramp up the €28bn (N12.2trn) trade volume with Nigeria.

Out of the €28bn, €26bn (N11.5trn) is in favour of Nigeria as the EU said it remained the largest trading partner with Nigeria.

The EU Head of Delegation to Nigeria and ECOWAS, Ambassador Samuela Isopi, disclosed this in Lagos while briefing newsmen on the 8th edition of the EU-Nigeria Business Forum taking place in the nation’s commercial capital between June 30 and July, 2022.

The EU-Nigeria Business Forum, being organised in partnership with the Federal Ministry of Trade and Investment, provides a platform for European and Nigerian businesses to engage towards improving the business environment.

With the theme: “Nigeria and the New Economy”, Isopi explained that the forum would focus on three key sectors: backward integration policy of the federal government, opportunities to increase gas exports to Europe and smart and climate agriculture.

Flanked by the Trade Counsellor, EU Delegation, John Taylor, and Team Lead, Green and Digital Economy, Inga Stefanowics, Ambassador Isopi further hinted that the current international situation precipitated by the Russia-Ukraine war was pushing the EU to diversify its sources of gas to see how Nigeria could export more Liquefied Natural Gas (LNG) to Europe.

She explained that the business forum was “taking place within the framework of our economic relations with Nigeria, which is something that is extremely important and represents a priority in the agenda of the European Union with Nigeria.

“You may know that the European Union as a bloc is by far the largest trading partner of Nigeria. It represented €28bn in 2021 with the balance of €26bn in favour of Nigeria.