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Foreign Investment: EU-Nigeria Trade Hit €35bn In 2023 – Envoy

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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

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Nigeria Partners UK, Germany, Others On Green Industrial Dev’t

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Nigeria is partnering with the United Kingdom(UK), Germany and the World Economic Forum towards the realisation of President Bola Tinubu’s plans for a green industrial development of the country.
Chief Ajuri Ngelale, Special Presidential Envoy on Climate Action, Wednesday in Abuja, said that the meeting with the leadership of the UK-Nigeria Infrastructure Advisory Facility (UKNAIF) centred on enabling a private sector-led, public sector-enabled programme.
“We (also) hosted a virtual discussion with the Managing Director of the World Economic Forum (WEF) Center for Nature and Climate, Ms Gim Huay.
“We agreed to actionable next steps that will ensure greater collaboration with international investors and DFIs in accordance with our green industrial roadmap.
“On Wednesday evening, we hosted a fruitful session with a delegation from the German Embassy led by its Head of Climate Negotiations, Ambassador Johannes Lehne.
“Specific steps toward deepening collaboration on hydrogen and wind energy development were agreed upon with a follow-up next week,” he said.
The Tide’s source reports that in May, President Tinubu approved the establishment of a committee to oversee the Green Economic Initiative, known as the Presidential Committee on Climate Action and Green Economic Solutions.
Tinubu also approved the appointment of Chief Ajuri Ngelale as Special Envoy on Climate Action and will retain his role as the Special Adviser to the President on Media & Publicity.
The committee was part of a strategic move of the President to ensure the advancement of his administration’s climate and green economic initiatives.
The committee is to coordinate and oversee all the policies and programmes on climate action and green economic development.
The UKNIAF is a technical assistance programme (2019 – 2025) that aims to transform Nigeria’s capacity to plan, finance, deliver and maintain climate-smart. critical infrastructure.
It aims to achieve transformation through technical support in two component areas: Power and Infrastructure Finance.
The key counterparts are the Federal Government of Nigeria and its agencies; selected state governments; the Foreign, Commonwealth and Development Office in Nigeria (FCDO); the wider development and development finance institution groups.

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Nigeria To Host Africa’s $5bn Energy Bank– Minister

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Nigeria has been granted the hosting right for the African Energy Bank (AEB) after beating Ghana, Benin Republic, Algeria, South Africa and Cote D’Ivoire in a keenly contested bidding.
Sen. Heineken Lokpobiri, the Minister of State, Petroleum Resources (Oil), told newsmen in Abuja yesterday, that the award of hosting right for the bank highlighted Nigeria’s robust energy sector.
He said “the award of the hosting right also highlights the country ‘s strategic vision for Africa’s energy future.”
Lokpobiri expressed gratitude to President Bola Tinubu for the support extended during the course of the bidding.
He also thanked the Council of Ministers of the African Petroleum Producers Organisation (APPO) for the confidence in Nigeria’s capability.
The minister highlighted the collaborative spirit of the APPO members and their shared vision for a united, energy-secured Africa.
He emphasised that “this decision reflects our collective ambition to create African solutions to Africa’s energy challenges.
“The African Energy Bank will be instrumental to providing the necessary financial backbone for energy projects that will drive growth and development across the continent.
“The decision is a significant step for the continent’s energy sector and underscores Nigeria’s pivotal role in Africa’s energy landscape.”
The minister assured Nigerians and Africans at large that the establishment of the African Energy Bank would mark a transformative era in meeting energy needs.
He said that the initiative aligned with the broader objectives of African Union’s Agenda 2063, aiming for a prosperous and self-sustaining Africa.
“We are committed to ensuring that the bank did not only move Nigeria forward, but becomes a beacon of progress for the entire continent.
“Our goal is to foster sustainable energy solutions that are both innovative and inclusive.”
The Tide’s source reports that the bank is expected to facilitate access to funding for energy projects, thereby catalysing economic growth and enhancing energy security.

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Your Prayer Is Sustaining Us, Fubara Tells PFN

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The Rivers State Governor, Sir Siminalayi Fubara, has commended the PFN for the prayers of Christians across the State, which has sustained his administration.
Governor Fubara made the commendation while speaking as Special Guest of Honour during the dedication of the Pentecostal Fellowship of Nigeria (PFN), Secretariat Complex in Port Harcout, yesterday.
Sir Fubara, who was represented by the Secretary to the State Government, Dr. Tammy Wenike Danagogo, applauded the brethren and PFN for upholding the State in prayers and for constructing the PFN State Secretariat for use to the glory of God.
“I appreciate the leadership of PFN for toeing the path of wisdom, vigour and strength. I thank the General Overseer of the Salvation Ministries, Pastor David Ibiyeomie, for taking up the responsibility and all Christians, we are indebted to you for leading and ensuring the work of God is done.
“Rivers State is termed a Christian State because of your laudable activities. Be assured of Rivers State Government’s support in your activities because we know that your prayers over the years have been sustaining us. And we need your prayers today more than ever before. This government will never betray the trust you have reposed on us, “ he stated.
Anchoring his words from Exodus 20, Isaiah 6:1 and later Mark 11: 24-25, the National President of PFN, Bishop Francis Wale Oke, admonished Christians to be courageous and finish their God given tasks as they toe the paths of Jesus Christ. He prayed God’s peace upon the Government and people of Rivers State as he encouraged all to chase peace with all men.
“Let us follow peace with all men, without peace, we can’t see the Lord and when we stand praying, forgive. There is greater glory ahead for Rivers State,” Bishop Oke stressed.
The General Overseer of Salvation Ministries, Pastor David Ibiyeomie, and Chairman of the Project Committee thanked God for the grace to embark on the project, and thereafter handed it over to the State PFN.
The dedication service was attended by renowned men of God, including the National Deputy Secretary, PFN, Bishop Bakare, The National Vice President, South-South, Apostle Zilley Aggrey, Rivers State Chairman of PFN, Rev. Dr. Minaibi Dagogo Jack, the Rivers State Chairman of CAN Archbishop Boma Kaladokubo, President of Ministers Prayer Network, Rev. Mosy Madugba, amongst others.

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