EU-Nigerian trade volume increase by 25.8 percent in 2021- Envoy

EU-Nigerian trade volume increase by 25.8 percent in 2021- Envoy

The Head of the European Union Delegation to Nigeria and the Economic Community of West African State (ECOWAS), Ambassador Samuela Isopi says that the European bloc remains Nigeria’s strongest trade partner, first investor, top donor of humanitarian and development aid, and the biggest diplomatic network with a trade volume of €28.7bn in 2021, a 25.8 percent increase over that of 2020.

Ambassador Isopi, disclosed this at a press briefing in Abuja, ahead of the Europe Day 2022 coming up on May 9.
The envoy disclosed that the trade balance in 2021 stood at €6.4bn in favour of Nigeria, while the year-on- year change between 2020 and 2021 recorded a surplus of 25.8 percent.

She said “the EU is Nigeria’s most important trading partner accounting for 20.9% of Nigeria’s trade with the world.”
She also added that EU is the first export destination for Nigeria, accounting for 25.4% of its exports, while the EU is second in Nigeria’s imports from the world accounting for 16.1% of its total imports.

“The EU’s imports from Nigeria stood at €17.5bn, while its exports were valued at €11.2bn, with the trade balance at €6.4bn in favour of Nigeria.”

Ambassador Isopi however noted that the EU is oftentimes not seen as the most important business and trading partner of Nigeria because the EU is seen with the eye of different countries with varying trade and bilateral relationship with Nigeria.

She said this is a misconception as the EU is a trading bloc and should be seen as such, while noting that the European Union has a long-standing partnership with Nigeria.

“The recent launch of the Multi-annual Indicative Programme (2021-2027) last February, is an important step in reinforcing and concretizing the EU’s cooperation with Nigeria. It will enable the EU and Nigeria to continue working together on programmes and projects that are built on shared objectives, principles and values,” she added.

The Envoy said one of the plans to further improve trade and bilateral relationship with Nigeria is the EU-Nigerian Business Forum organised in collaboration with the Ministry of Industry, Trade and Investment, scheduled to take place in Lagos on 30 June and 1 July, under the theme, ‘Nigeria and the new world economy’.

The forum will address key issues relating to doing business in Nigeria – the opportunities, but also the challenges and the second day will be devoted to EU involvement in the agricultural sector.

 

She said the EU will continue to enhance its bilateral engagement and friendship with Nigeria, to deliver better and more results in their partnership.

The envoy affirmed that the EU is working with its member states, the European Investment Bank and other EU Development Finance Institutions in the implementation of the agreed priorities, as Team Europe.

»EU-Nigerian trade volume increase by 25.8 percent in 2021- Envoy«

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