New data has revealed that the trade volume between Nigeria and the European Union (EU) has increased to €45 billion as of September 2023.
This represents a significant increase, as the United Nations COMTRADE database has confirmed that Nigeria still remains the EU's largest trade partner, accounting for 20.9% of Nigeria's global trade.
During the celebration of the 2024 European Day in Abuja, Deputy Speaker of the House of Representatives, Benjamin Kalu, highlighted that Nigeria is committed to fostering an environment conducive to investment, stating that Nigeria and the EU's economic ties have grown steadily. He further noted that the EU is one of Nigeria's most significant trading partners, and their relationship has great potential for even greater collaboration.
Kalu went on to quote the United Nations COMTRADE database, revealing that the EU's bilateral trade with Nigeria has surpassed €45 billion. He also acknowledged that the EU's contribution to Nigeria's development is significant, particularly in the areas of education, healthcare, digital economy, agriculture, security, and governance.
The Deputy Speaker praised the EU for supporting Nigeria's digital transformation through its Global Gateway initiative, which has invested €820 million in grants and loans to enhance Nigeria's digital future. He also mentioned the EU's support for Nigeria's green transition through the promotion of climate-smart agriculture and the adoption of small-scale hydro power to boost agro-industrial production.
Kalu further emphasized that the EU has demonstrated its commitment to security and peace in the Lake Chad region, mobilizing €2.5 billion since 2014 to support stabilization, peace, and security initiatives. He added that the EU's commitment to the Climate-Smart Agriculture for Development Programme underlines its support for innovative agriculture with an improved agribusiness climate and equitable participation of women and youth.
In conclusion, Kalu praised the EU for its support of Nigeria's democratic institutions and promotion of good governance. Head of EU delegation to Nigeria and ECOWAS, Ambassador Samuela Isopi, also recognized Nigeria's strategic partnership with the EU, stating that EU cooperation with Nigeria tops global rankings in several areas.
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