THE European Union (EU) wants to set up a clear plan for its proposed €1.3 billion trade and investment in Nigeria’s economy. The EU says this will increase its commitments to infrastructure and sustainable development in Nigeria.
Because of this, the EU has suggested establishing a structured discussion framework with the Nigerian government about trade and investment. This would improve cooperation in important areas like infrastructure, green finance, and sustainable development.
Nigeria’s Minister of Finance and the coordinating Minister of the Economy, Wale Edun, has confirmed that he has discussed this with the EU Ambassador to Nigeria, Gautier Mignot, in Abuja. The talks specifically focused on creating a structured investment plan for the Nigerian economy.
This was contained in a social media post by the Federal Ministry of Finance on Thursday, March 27.
The post quoted the EU Ambassador to Nigeria as highlighting the EU’s position as Nigeria’s biggest trading partner and a major source of foreign direct investment (FDI).
The meeting emphasised the EU’s current €1.3 billion investment in Nigeria, along with recent involvement from the European Bank for Reconstruction and Development (EBRD). It also highlighted the EU’s Global Gateway Investment Strategy, which aims to boost infrastructure and sustainable development across Africa.
The post reads in part, “The meeting spotlighted the EU’s €1.3 billion investment portfolio in Nigeria, recent engagement by the European Bank for Reconstruction and Development (EBRD), and the Global Gateway Investment Strategy aimed at deepening Africa-Europe economic ties.”
Minister Edun welcomed the EU’s proposal while reaffirming Nigeria’s commitment to macroeconomic stability, investor-friendly policies, and fiscal consolidation.
He highlighted key reforms designed to make it easier to do business in Nigeria, including the National Single Window trade system, adjustments to tax policies, and efforts to attract private investment into crucial sectors.
Edun also pointed to Nigeria’s projected gross domestic product (GDP) growth of 4.6 per cent by 2025, driven by sustained reforms in the oil and non-oil sectors, as well as strategic investments in agriculture, technology, and manufacturing.
The ICIR has recently reported the EU’s call on the Nigerian government to allocate more resources to social protection programmes aiming to mitigate poverty and improve the welfare of vulnerable populations.
The head of cooperation of the EU delegation to Nigeria and the Economic Community of West African States (ECOWAS), Massimo De Luca, said this at the third edition of the Social Protection Cross-learning Summit (SPECS) held in Abuja on June 28, 2024.
De Luca said that social protection provided safety nets that ensured access to essential services for the country’s development, adding that investing in social protection would contribute meaningfully to society.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.