The European Union has reaffirmed its commitment to expanding investments in Nigeria and strengthening regional trade.
In a statement released on Saturday, the EU delegation to Nigeria and ECOWAS said the commitment was made at the 10th Nigeria-European Union Business Forum in Lagos.
The forum brought together European and Nigerian government officials, business leaders, investors and development partners to explore new opportunities for trade, investment and sustainable economic growth.
High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission, Kaja Kallas, described Nigeria as an economic powerhouse on the African continent and an important partner for the European Union.
Kallas encouraged European businesses to take advantage of investment opportunities in Nigeria, describing the country as “an excellent destination for your investment.”
She noted that the speed with which the business forum was organised following her recent visit to Nigeria reflected the determination of both European and Nigerian stakeholders to deepen commercial ties and unlock new investment opportunities.
Also speaking, the Director of Trade at the Economic Community of West African States Commission, Kolawole Sofola, said regional integration had created enormous opportunities for businesses seeking to expand beyond Nigeria.
Sofola identified agro-processing, manufacturing, renewable energy, infrastructure and the digital economy as key sectors with strong investment potential, urging businesses to leverage Nigeria's strategic position to serve regional and continental markets.
He applauded the European Union’s continued support for regional infrastructure projects, particularly the Abidjan-Lagos Corridor under the Global Gateway strategy, saying the initiative would improve transport connectivity, facilitate trade and strengthen economic integration across West Africa.
The forum, themed “Enhancing Sustainable Investment Together,” brought together policymakers, financial institutions, development partners and private-sector leaders from Nigeria and Europe to discuss ways to strengthen commercial partnerships and promote private-sector-led growth.
Participants emphasised the need for improved infrastructure, policy certainty, easier cross-border trade and increased investment in productive sectors to unlock the full benefits of regional economic integration.
The Europe Union remains one of Nigeria’s largest trading partners and a major source of investment, development financing and technical support for infrastructure, digital transformation and sustainable development initiatives.
Kaja Kallas noted that the European Union has consistently supported Nigeria’s drive to diversify its economy, promote regional economic integration, and improve living standards for its citizens.
According to Kallas, the European Union has committed €1.6 billion to support the development of Nigeria’s digital economy, infrastructure, and human capital.
She also noted that Nigeria has become one of the top destinations for European investment in Africa in recent years.
The Nigeria-European Union Business Forum is the European Union’s flagship annual platform for promoting trade and investment relations with Nigeria.
The event aligns with Nigeria’s economic diversification agenda and the implementation of the African Continental Free Trade Area, which aims to create the world’s largest free trade area by connecting African countries into a single market.
Nigeria has become a focal point for Europe's economic expansion in Africa as a result of its large market and strategic position.
The country has a huge market of over 200 million people and is a hub for regional economic integration initiatives, such as the Economic Community of West African States.
It is also a key player in regional infrastructure projects, such as the Abidjan-Lagos Corridor, which is being supported by the European Union.
The corridor aims to improve transport connectivity and facilitate trade across West Africa, which is expected to create jobs, stimulate economic growth, and boost regional trade.
The Nigeria-European Union Business Forum has become a critical platform for promoting trade and investment relations between Nigeria and Europe.
The event provides a platform for policymakers, business leaders, and investors to discuss ways to strengthen commercial partnerships and promote private-sector-led growth.
Participants at the forum highlighted the key sectors that have investment potential in Nigeria, including agro-processing, manufacturing, renewable energy, infrastructure, and the digital economy.
They emphasized the need for improved infrastructure, policy certainty, easier cross-border trade, and increased investment in productive sectors to unlock the full benefits of regional economic integration.
The European Union remains committed to supporting Nigeria's economic growth and development through trade, investment, and development assistance.
The commitment to investing in Nigeria is part of the European Union's strategy to boost economic growth and create jobs in the region.