The total trade volume between Nigeria and European Union Member States stood at 25.3 billion Euros (about N8.9 trillion) in 2017.
Deputy Head of Delegation, European Union (EU) to Nigeria and ECOWAS, Mr. Richard Young, revealed this while briefing the press on the EU-Nigerian Business Forum yesterday in Lagos, saying that to further build on the relationship with EU companies in Nigeria, the EU Delegation, EU member States and European companies active in Nigeria have established a European Business Organisation (EBO) which would represent the voice of European companies across various sectors of Nigeria economy.
“The EBO Nigeria will also ensure a high-level policy dialogue with Nigerian authorities and organised private with the objective of improving the business and investment and fostering business and trade relations between the EU and Nigeria,” he said.
Young noted that EU has also launched an External Investment Plan (EIP) to encourage investment in partner countries, including Nigeria, adding that the EIP would strengthen its partnerships by promoting inclusive growth, job creation and also tackle some of the root causes of irregular job migration.
He stated: “The EIP is a new approach to supporting sustainable development through investment. It will improve the way in which scare public funds are used and how public authorities and private investors cooperate on investment projects. Through a new guarantee mechanism, the EIP will increase private investment in higher risk environments, facilitate private sector investments that otherwise would not be available.”
According to him, the 7th EU- Nigeria Business Forum would address issues surrounding business climate, certainty of government policies.