Nigeria, EU trade volume hits over €45b
Nigeria and European Union trade volume has hit over €45 billion, as of September 2023, The Nation learnt.
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This is because Nigeria remains the EU’s 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 of the 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 Thursday night at the occasion 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 €45 billion.
“The EU is Nigeria’s largest trading partner, accounting for 20.9% of Nigeria’s global trade.”
He assured the 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 our industries, 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 its support to the country, especially in education, healthcare, digital economy, agriculture, security, and governance.
“The European Union (EU) supports 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.
“Furthermore, the European Union has initiated several projects to promote climate-smart agriculture and advance Nigeria’s green transition.
“The GENESIS: 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 hydropower to boost agro-industrial production.”
The EU’s commitment to 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.”
