EU-Nigeria trade hits €19.9bn in 2016

Inspite of the effects of recession on the economy of the country, the European Union-Nigerian trade blossomed recording €19.9 billion in 2016.

Filippo Amato, Counselor, Head of Trade and Economics Section of European Union Delegation to Nigeria and ECOWAS, made this known at a press conference to announce the sixth edition of the European Union Business Forum in Lagos on Wednesday.

Filippo said European Union and Nigeria had, for over 40 years enjoyed a good business relationship which could only get better with renewed efforts on Economic Partnership Agreement (EPA) between EU and West Africa.

In line with the country’s plan of diversifying the economy, Filippo said this year business forum would with the theme, “Youth as an engine of Broad-Based Transformation” would focus on Information Communication Technology (ICT) and agribusiness, “which are the key sectors to support the growth and diversification of the Nigerian economy.”

While noting that the success of the country’s Economic Recovery and Growth Plan (ERGP) depends on active private sector participation, the EU envoy said the forum, among other things would strengthen EU and Nigeria’s business relations through identification of opportunities in the agribusiness space in creating jobs, boosting exports and addressing local food security problems.

He added that at the forum specific sessions have been designed to address agribusiness and developing value chains as well as gender equality and economic empowerment of women as a key factor to sustainable development.

The EU-Nigeria Business Forum is a collaborative effort of the European Union and it’s Member States present in Nigeria, serving as a platform for investors and business people to gather essential market information and build strategic partnership to boost domestic investments and access to the EU market.