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EU, Nigeria trade hit €30bn in 2015

The European Union Foreign Direct Investment (FDI) in the Nigerian economy recorded 30 billion euros in 2015 despite the exit of foreign investment in the Nigerian bourse.

Speaking at the EU-Nigeria Business Forum in Lagos on Thursday, Head of EU Delegation in Nigeria, Ambassador Michael Arrion, said that the European Union and Nigeria had, over the years, developed robust economic relations with very large trade volumes at €30 billion in 2015.

As part of its commitment towards cementing the business relationship between Nigeria and European Union, EU has committed 150 million euros to the power sector, as a significant part of the Nigerian economy.

Mr Juan Casla, the Head of the Economic Cooperation and Energy Section, EU Delegation, while speaking during the panel discussion on Funding the Electricity Sector, noted that out of the 150 million Euros, 86 million Euros has so far been spent on projects across the country.

“We have a priority in cooperation with Nigeria towards the energy sector. We are focusing very much on the promotion of renewal of energy in the country, improvement of energy efficiency, as well as improving access to electricity in the rural,” he said.

The forum, according to Arrion, was organised by the EU Delegation in close liaison with the 20 EU Member States represented in Nigeria, to allow business leaders and policy makers to discuss ways to improve the business environment and to attract European investments in Nigeria.

Earlier in a goodwill message, Nike Akande, Chairman of the Lagos Chambers of Commerce and Industry, commended the EU Delegates for enhancing the good business relationship between EU and Nigeria, while noting that the business forum also aligned with the trade promotion agenda of the LCCI focussed on building international partnerships and alliances for the promotion of investment and trade flows between Nigerian and friendly countries.