The European Union’s new ambassador to Nigeria, Gautier Mignot, has reaffirmed the EU’s commitment to strengthening economic ties with Nigeria, highlighting a robust trade relationship valued at €35 billion in 2023. Speaking in Abuja, Mignot emphasized the EU’s support for Nigeria’s sustainable development, job creation, and economic growth, describing Nigeria as the EU’s largest trading partner in Africa.
The EU’s economic relationship with Nigeria is substantial, with a €10.7 billion trade surplus in Nigeria’s favour and €26.4 billion in foreign direct investment stock. Mignot pledged EU support for President Tinubu’s Renewed Hope Agenda, outlining priority areas under the EU’s Global Gateway initiative including:
- Green Energy: Renewable energy development to reduce Nigeria’s reliance on fossil fuels.
- Digital Economy: Supporting the growth of Nigeria’s digital sector to drive innovation and job creation.
- Agriculture: Enhancing agricultural productivity and food security through sustainable practices.
- Industrialization: Promoting industrial development to drive economic growth and diversification.
Key projects include renewable energy development, vaccine production, and improved waterway transport in Lagos. The EU is also committed to addressing challenges in northern Nigeria, fostering entrepreneurship, and enhancing peace and security.
The relationship between the EU and Nigeria is rooted in political, economic, and developmental cooperation, reflecting mutual interests in areas such as trade, security, governance, migration, and climate change. As one of Africa’s largest economies and most populous countries, Nigeria is a strategic partner for the EU in its engagement with sub-Saharan Africa
Add Comment