JUST IN: NIGERIA, EUROPEAN UNION STRENGTHEN ECONOMIC PARTNERSHIP TO BOOST TRADE AND INVESTMENT

NIGERIA, EUROPEAN UNION STRENGTHEN ECONOMIC PARTNERSHIP TO BOOST TRADE AND INVESTMENT


The Federal Government of Nigeria and the European Union have reaffirmed their commitment to strengthening economic ties as part of renewed efforts aimed at attracting greater foreign investment, expanding trade opportunities, and driving long-term sustainable economic growth.

The renewed commitment was announced during the 10th Nigeria–European Union Business Forum held in Abuja on Friday, where top government officials, policymakers, investors, and European partners highlighted ongoing economic reforms positioning Nigeria for stronger private sector-driven growth and increased investor confidence.

Speaking at the forum, the European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, described the event as a major milestone following the decision by Nigeria and the EU to upgrade their diplomatic and economic relationship to a strengthened Strategic Partnership during the EU–Nigeria Ministerial Meeting held in March 2026.

According to Mignot, the business forum represents the first major demonstration of the renewed partnership and reflects a shared commitment by both sides to accelerate economic cooperation.

He noted that the European Union currently accounts for about 31 percent of Nigeria’s foreign trade and remains the country’s largest source of foreign direct investment.

The ambassador further explained that the partnership is gaining stronger momentum through several initiatives, including the EU’s Global Gateway strategy, expanded European Investment Bank operations, the commencement of European Bank for Reconstruction and Development activities in Nigeria, improved Team Europe coordination, and a structured Nigeria-EU trade and investment dialogue framework.

Representing Vice President Kashim Shettima at the event, the Director-General of the Presidential Enabling Business Environment Council, Princess Zahra Mustapha Audu, described the relationship between Nigeria and the European Union as a strategic economic alliance that extends beyond traditional diplomatic engagement.

She disclosed that the partnership currently supports over €35 billion in annual trade, approximately €26 billion in European foreign direct investment, and more than 130,000 direct jobs across Nigeria.

According to Audu, the Nigeria-EU Business Forum has evolved into a major platform for transforming economic discussions into practical investments, policy reforms, commercial partnerships, and measurable development outcomes.

She stated that ongoing reforms by the Federal Government are improving macroeconomic stability, strengthening investor confidence, and positioning Nigeria as a preferred destination for productive investment.

Audu emphasized that the success of the partnership would ultimately be measured by infrastructure development, industrial growth, technology deployment, and the ability to create long-term economic opportunities for Nigerians.

Also speaking at the event, Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said the forum reflected growing international confidence in Nigeria’s economic reform agenda.

She reiterated the Federal Government’s commitment to creating a more competitive investment climate capable of attracting both local and foreign investors into critical sectors of the economy.

Oduwole added that recommendations from private sector stakeholders would help shape future policies designed to improve Nigeria’s competitiveness in the global market.

Meanwhile, Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, represented by the Minister of Budget and Economic Planning, stated that Nigeria’s economic transformation agenda is being driven by deliberate reforms, fiscal discipline, and coordinated implementation.

She explained that reforms in taxation, public financial management, and fiscal coordination are helping direct public resources toward priority sectors capable of generating jobs, attracting private capital, and delivering critical infrastructure.

The forum, held under the theme “Enhancing Sustainable Investment Together,” brought together policymakers, investors, business leaders, and financial institutions from Nigeria and Europe to strengthen cooperation in renewable energy, digital infrastructure, healthcare, agriculture, manufacturing, sustainable transport, and trade.

The European Union remains Nigeria’s largest trading partner and one of the country’s biggest sources of foreign direct investment, with bilateral cooperation spanning infrastructure development, energy, agriculture, governance reforms, digital innovation, and private sector development.

Analysts say the strengthened partnership is expected to support Nigeria’s broader economic reform agenda, improve ease of doing business, encourage long-term investment inflows, and create sustainable job opportunities capable of driving inclusive economic growth.

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