EU, Nigeria trade hits €30bn

The European Union Foreign Direct Investment (FDI) in the Nigerian economy recorded €30 billion in 2015 despite the exit of foreign investment.

Head of EU Delegation in Nigeria, Ambassador Michael Arrion, at the EU-Nigeria Business Forum in Lagos on Thursday, said that the European Union and Nigeria had, over the years, developed robust economic relations a trade volume of €30 billion.

As part of its commitment towards cementing the business relationship between Nigeria and European Union, EU has committed €150 million to the power sector, as a significant part of the nation’s economy.

The Head of the Economic Cooperation and Energy Section, EU Delegation, Mr. Juan Casla, while speaking during the panel discussion on Funding the Electricity Sector, noted that out of the €150 million, €86 million has so far been spent on projects across the country.

According to him “We have a priority in cooperation with Nigeria towards the energy sector. We are focusing very much on the promotion of renewal of energy in the country, improvement of energy efficiency, as well as improving access to electricity in the rural.”

The Forum, according to Arrion, was organised by the EU Delegation in close liaison with  the 20 EU Member States represented in Nigeria, to allow business leaders and policy makers to discuss ways to improve the business environment and to attract European investments in Nigeria.

Earlier in a goodwill message, Chairman of the Lagos Chambers of Commerce and Industry, (LCCI), Nike Akande, commended the EU Delegates for enhancing the good business relationship between EU and Nigeria

She noted that the business forum also aligned with the trade promotion agenda of LCCI focused on building international partnerships and alliances for the promotion of investment and trade flows between Nigerian and friendly countries.