The European Union Ambassador in Nigeria, Samuela Isopi, has said the EU bloc is the largest trading partner and key investor in Nigeria.
Isopi said this during a meeting with a delegation of EU officials and members of the European Business Chamber Nigeria to discuss opportunities and challenges of doing business in the country.
This meeting was held ahead of a meeting between the EU Commission Vice President, Margrethe Vestager, and top Nigerian government officials in Abuja this week.
Isopi said, “the meeting gave us the opportunity again to underline the fact that trade and investment are very much on top of our priorities, and they are also key priorities in the partnership between the European Union and Nigeria.
“The European Union as a bloc is already Nigeria’s largest trading partner and also the European Union is a very important investor in Nigeria. We have European companies that have been here for a long time that contribute to creating jobs and to the economic development of the country.”
She added that the EU would continue its dialogue with the Nigerian government on how to reinforce the economic partnership between the two entities.
Isopi said, “Because development is about the private sector, about developing the economy, when I say private sector, it’s not only to attract or help European Union companies but also create good conditions for the Nigerian private sector to be able to contribute to the development of the country.”
According to her, the meeting allowed members of EuroCham to highlight some of the challenges their businesses face in the country.
According to the Head of Trade and Economics Section, EU Delegation to Nigeria and ECOWAS, John Taylor said, Nigeria’s trade with the EU consists majorly of crude oil exports to Europe and refined oil products back to the country.
He said with the Dangote refinery coming on stream later this year, the trade volume between Nigeria and the rest of the world, especially the EU, would change significantly, and probably switch to non-oil trade.
He added, “When you look at non-oil trade with Nigeria, you’re looking at exports from Nigeria of agricultural products and we know that the Central Bank here has played a very strong role in trying to develop certain very specific sectors like rice production in the country.
“The EU is also a major exporter of agricultural products, so we need to find the right balance between the EU and Nigeria to enable farmers and producers here to grow. An example of where the EU is already very active is the dairy sector.”
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