EU, ECOWAS Highlight Initiatives to Boost Trade

The European Union (EU) Ambassador to Nigeria, Gautier Mignot, alongside the Economic Community of West African States (ECOWAS), has outlined initiatives to enhance trade, boost investment, and create positive opportunities for Nigeria’s youthful population.

Mignot shared these plans during a media luncheon in Lagos on Wednesday.

He said that the EU would want to partner closely with Nigerian authorities at all levels to know their expectations, strategies and needs.

Mignot also said that the EU would want to know the expectations of civil societies and Nigerian youths.

He said that the EU was Nigeria’s largest trading and investment partner in 2023, with 28 percent of its total trade at 35 billion euros.

He said that Nigeria benefited from a 10.7 billion euro trade surplus from the EU.

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“When it comes to investment, a key priority of President Bola Tinubu’s Renewed Hope Agenda, Nigeria is also its strongest partner in the EU.

“Our Foreign Direct Investment (FDI) stock accounts for about one-third of Nigerian FDI, totalling  26.4 billion euros as of 2022.

“There are hundreds of EU companies present in Nigeria and they have strict compliance policies on anti-corruption, environment, labour local legislation,” he said.

The ambassador said that he was committed to bringing the EU-Nigeria partnership to a higher level, with the aim of positively impacting the Nigerian population.

He said that given the current uncertain times and fast-evolving global environment, Nigeria needed constant and faithful partners to count on.

Mignot said that the EU took Nigeria as a key partner in Africa and the world; hence, its mission is to inform, propose and implement decisions to strengthen the partnership.

“We have a global and strong partnership based on shared values such as democracy, rule of law, and multilateralism.

“EU interest is to see Nigeria consolidate its role as an anchor of stability in Africa and progress on its path towards a peaceful, prosperous and sustainable future.

“We want to help in this endeavour, with full respect for Nigeria’s sovereignty and with humility.

“There is a lack of visibility, and we have to combat disinformation and misperceptions, and the press has a very important role to play in this regard,” he said.

At a press briefing in Lagos today, Amb @GautierMignot2 restated the EU’s commitment to seeing Nigeria consolidate its role “as an anchor of stability in Africa, progressing on its path towards a peaceful, prosperous & sustainable future, resting on a robust democracy.” pic.twitter.com/JYnOPTTfjR

— EU in Nigeria (@EUinNigeria) January 29, 2025

Mignot said that under the partnership, there would be a better structure for economic relations and dialogue to address issues hampering investment and trade.

Mignot described the EU’s Global Gateway Investment as a new strategy aimed at connecting people and accelerating the green, digital and inclusive transition in partner countries such as Nigeria.

According to him, this means leveraging and accelerating investment and increasingly working in coordination with EU companies to bring concrete benefits to Nigerians.

He said the EU recognised the importance of accelerating Nigeria’s industrialisation and maximising opportunities for value addition and job creation.

Mignot revealed that the EU cooperation budget for 2021-2027 amounted to 731 million euros in grants and it was complemented by other instruments.

“With the Global Gateway Investment Strategy, the EU works in sectors crucial for the transformation and diversification of the Nigerian economy such as energy, the digital economy, agriculture, and food security.

“The EU also invests in human development—health, education and social protection—as well as in good governance, migration issues and fundamental rights.

“The EU is increasingly developing projects in the north of the country as a whole to respond to the specific development needs of this part of Nigeria.

“The EU is committed to further strengthening engagement in peace and security by responding better to Nigeria’s needs and expectations,” he said.

 

 

 

NAN