The European Union (EU), says it remains Nigeria’s largest trading partner, with a total trade of almost €35 billion in 2023, accounting for about one-third of Nigeria’s foreign investment.
Ms Samuela Isopi, the European Union Ambassador to Nigeria and ECOWAS, made this known in Abuja, yesterday, at the 9th Edition of the Nigeria-EU Business Forum 2024.
The Tide source reports that the theme for this year is “Investing in Jobs and Sustainable Future”.
According to Isopi, the 2024 edition of the forum is the first being held outside Lagos to highlight the importance of the role of the government in supporting business, private sector and private investments as drivers for inclusive and sustainable economic development.
He said, “The EU is by far Nigeria’s largest trading partner with a total trade of almost €35 billion last year, accounting for about one-third of Nigeria’s foreign trade, and a balance at more than 10 billion euros in favour of Nigeria.
“The European Union is also Nigeria’s biggest foreign investor with a stock estimated at €26 billion, representing one third of Nigeria’s FDI stock.
“In collaboration with our member states and with EUROCHAM Nigeria, the European Chamber of Commerce, we have carried out the first-ever mapping of EU companies present in Nigeria and the findings are quite extraordinary.
“More than 230 companies, from 18 EU member states are present in Nigeria with France, Germany and the Netherlands making up 60 per cent of the companies captured by the survey.”
Isopi also said that in the past, much of this investment used to go into the oil and gas sector, adding that today, the largest sector for EU companies operating in Nigeria was manufacturing, accounting for almost 20 per cent of total EU investments in Nigeria.
She said that this was followed by professional services, logistics and constructions while the extractive industries, oil and gas represented less than 10 per cent.
Isopi added that the EU companies had a turnover of four billion euros in the last fiscal year due to employment, through the creation of more than 130, 000 jobs and skill development with 6,000 Nigerians trained annually.
The Ambassador said that the EU and its member states was also a top development partner and the European Investment Bank was also increasingly active, with an important ongoing portfolio on innovation, renewable energies, and private sector development among others.
She said that if Nigeria reconsidered its position on the Economic Partnership Agreement (EPA), it would also open up full and immediate access to the EU market with more than 400 million consumers.
Isopi said the forum would focus on fostering concrete investments in Nigeria, in line with the Renewed Hope Agenda in economic openness and investment, agriculture, digitisation, health among others.
She commended the Central Bank of Nigeria”s decision to remove foreign exchange restrictions for the import of 43 items.
In the same vein, Ms Myriam Ferran, Deputy Director- General, Directorate for International Partnerships, European Commission, said that the EU resolution was to strengthen ties across the globe especially this period of global crisis.
“The Global Gateway Initiative is a strategy by the EU to invest in infrastructure projects worldwide; it is the European offer to support sustainable connectivity around the world looking at the best opportunities for further investments.
“Global Gateway is a tool box with a toolkit where you can find what is needed. We work a lot with the government to assist in implementing and improving the business environment,” she said
Similarly, Sen. Abubakar Bagudu, Minister of Budget and Economic Planning, said that the current administration was interested in encouraging investments and willing to do better in international trade.
Bagudu said that the EU concept was a model for the world and it showed that the world could do better when prosperity was shared, and commended the EU for its initiative and support to Nigeria.
“Nigeria has undertaken bold economic reforms most importantly in order to enable us to combat our reality which includes among others decades of under investment in every area of our national life.
“We are mindful that capital is out there. So what we need to do is to ensure policies that motivate capital funders with confidence to invest in our economy,” he said.
Meanwhile, Dr Dele Oye, President, Nigerian Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), said that the chamber was the biggest in Africa with more than 90 members.
Oye said that the chamber should therefore be contacted before any foreign direct investments.
He emphasised the need for the government to always carry the chamber along especially during international trips to negotiate better business deals.
Oye lamented the departure of some foreign companies from Nigeria and urged those still available to always dialogue with the chamber to seek ways to resolve their challenges rather than exiting the

Vice President Kashim Shettima yesterday called for the prioritisation of local content and promotion of Made-in-Nigeria products.
Shettima made the call while declaring open a three-day National Manufacturing Policy Summit at the Banquet Hall of the Presidential Villa, Abuja.
He said that Executive Order 003 which makes the patronage of locally manufactured products mandatory was still in effect.
“ Let us be reminded that we cannot achieve significant progress in our drive for industrialisation unless we deliberately promote the production of capital goods.
“ We must be focused on expanding our production base, prioritizing local content, and promoting made-in-Nigeria products.
“ I want to assure you that Executive Order No 003 – Support for Local Content in Public Procurement by the Federal Government, which mandates the patronage of locally manufactured products is still in effect.
“ The relevant government Ministries, Departments, and Agencies (MDAs) are mandated to fully comply with the order,”’ Shettima said.
The vice-president emphasised that Nigeria has no better option than to support its indigenous firms to produce locally and increase their capabilities.
He said the summit offered the opportunity to re-evaluate the challenges confronting the sector and proffer solutions that would resolve them.
The vice-president said that a competitive manufacturing sector would reduce the inequities in the nation’s economy as well as over-dependence on imports.
Shettima added, “ Our proposal to minimize the economic imbalances in the nation is based on strengthening the production base of our economy, particularly in manufacturing.
“ Most of our setbacks as a nation, as each of you knows, are due to over-dependence on imports for even our basic necessities.
“ That is why we need you to address the various challenges facing the sector and ensure we have a competitive manufacturing sector.”
Shettima, who expressed satisfaction with what he saw during a tour of the exhibition, said he was convinced more than ever of Nigeria’s industrial capabilities, creativity, and innovation.
He stressed the role of manufacturing in driving the nation’s wealth, job creation, living standards, and revenue generation.
Shettima said, “ This explains why President Bola Tinubu is focused on accelerating infrastructure projects, including roads, ports and energy supply.
“It is essential to expedite the delivery of infrastructure projects that will enable the sector to leap forward and thrive.”
He identified five pillars of the summit, which he said are a clear road-map for stimulating the manufacturing sector.
The vice-president pointed out that it was imperative to enact meaningful change and develop industries by addressing critical issues under each of these pillars.
He said, “ These include up-scaling productivity and competitiveness, energy security and infrastructure development, improving the macroeconomic environment and ease of doing business, and promoting Made-in-Nigeria products.
“ And local content development, and leveraging regional and continental trade for export development.”
Shettima assured that the Federal government would join forces with the Manufacturers Association of Nigeria (MAN) to come up with an actionable road-map and policy framework that would refurbish the nation’s manufacturing sector.
According to him, the road-map and policy framework would be speedily implemented to effect the needed changes that will revamp the sector.
He regretted that the sector, which has a crucial role to play in building a nation driven by production and abundance, had endured a series of setbacks over the past decades.
Shettima said, “ I implore us all to leverage this summit to develop an actionable roadmap and policy framework, ready for immediate implementation, to create the changes we want in the manufacturing sector.
“ I assure you that we shall always maintain an open-door policy to accommodate your needs and expectations.”
Earlier, the President of MAN, Otunba Meshioye, expressed gratitude to Tinubu, for the unique opportunity and his magnanimity to host the summit in the State House.
He said since the association opened communication with the office of the vice-president, they have been receiving tremendous support and collaboration from the Presidency.
Meshioye said the summit was organised to interrogate the evidence behind the constraints demeaning the performances of the industrial sector and to think and agree with the government on what to do to address them.
He said, “ The ultimate goal of the meeting is to reposition the sector on the path of accelerated growth, enhance its competitiveness and reap its multiplier effect on the economy and the wellbeing of the citizenry.
“ The prevailing microeconomic environment places severe strains on the manufacturing sector,” adding, “this is adversely affecting jobs and people’s livelihoods of the citizens.”

The House of Representatives has called on all stakeholders to submit memoranda for consideration on the ongoing process of restructuring government agencies by the house.
Rep. Ibrahim Isiaka (APC-Ogun) Chairman, Special Committee on Restructuring of Federal Agencies and Commissions made the call, yesterday, at a news conference in Abuja.
Isiaka also invited all interested individuals and organisations to a public hearing on the Oronsaye Report and other related matters on Wednesday, July 10.
He said that the hearing will hold in hearing room Room 0. 28, New Building Extension of the House of Representatives.
The lawmaker said that all memoranda should be submitted to the Clerk of the Committee, Mr. Kwayama Jehu at Room HB40A, White House, National Assembly Complex.
Isiaka said that the world is evolving rapidly, and it was crucial that government agencies and commissions are structured in a way that enables them to deliver on their mandates effectively and efficiently.
According to him, “we aim to identify redundancies, duplications, inefficiencies, and areas of improvement within the federal government agencies and commissions.”
The legislator said that there was a pressing need to review the Oronsaye report and all other white papers on the restructuring of federal government agencies, parastatals, and commissions.
Isiaka recalled that the Oronsaye report, which was published in 2012, highlighted various recommendations aimed at rationalising and optimising the operations of government agencies to enhance efficiency and cost-effectiveness.
“It is imperative for us to revisit the recommendations of the Oronsaye report and other pertinent white papers to ensure that we are aligning our government structures with current realities, best practices, and the changing needs of our society.
“Our goal is to apply the legislative approach in streamlining operations, eliminate duplication of functions, enhance service delivery, and optimize resource allocation.
“This review will be comprehensive and thorough, taking into cognizance the diverse perspectives and expertise available to us.
“We acknowledge the importance of stakeholder engagement in this process, and we will be seeking input from various stakeholders, including government officials, civil society experts, organisations, and the general public.
“Transparency, accountability, and inclusivity will be the guiding principles of our review process,” he said.
He said that the committee is committed to fostering a more efficient, effective, and responsive government that meets the needs of the Nigerian people.