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

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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I’m Committed To Community Dev – Ajinwo
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RSG Tasks Rural Dwellers On RAAMP …As Sensitization Team Visits Akulga, Degema, Three Others

Rivers State Head of Service, Dr (Mrs) Inyingi Brown, has called on rural communities in the State to embrace the Rural Access and Agricultural marketing project (RAAMP) with a view to improving their living conditions.
This follows the ongoing sensitization campaign by the State Project Implementation Unit (SPIU) visits to Degema, Abonnema, Afam headquarters of Degema, Akuku Toru and Oyigbo Etche and Omuma local government areas respectively.
Dr Brown who was represented by the Deputy Director, Special Duties in her office, Mrs Dein Akpanah, said RAAMP was initiated by the Federal Government and World Bank to economically empower rural dwellers.s
She said the World Bank understands the plights of rural farmers and traders in the State, and therefore came up with the programme to address them.
According to her, RAAMP will improve the conditions of farmers, traders and fishermen, and therefore, behoves on every rural communities in the State to embrace the programme.
The Head of Service also said the programme would support the youths to be gainfully employed while bridges and roads will be built to link farms and fishing settlements.
Also speaking, the State project coordinator, Mr Joshua Kpakol, said the programme has the potential of creating millionaires among farmers and fishermen in the State.
Kpakol who was represented by Engr. Sam Tombari, said RAAMP would help farmers and fishermen to preserve their produce.
According to him, the project will build cold rooms and Silos for preservation of crops and fishes while access roads will also be created to link farmers and fishermen to the market.
He, however, warned them against any act that will lead to the suspension of the projects by the World Bank.
Kpakol particularly warned against acts such as kidnapping, marching ground, gender based violence and child labour, adding that such acts if they occur may lead to the cancellation of the project by the World Bank.
During the visit to Oyigbo local government area, Mr Joshua Kpakol, said the team was there to let them know how they will benefit from the Raamp.
The coordinator who was personally at Oyigbo said the World Bank introduced the project to check food insecurity in the State.
He said already 19 states in Nigeria are already benefitting from the project and called on them to embrace the project.
Meanwhile, stakeholders in the three local government areas have commended the World Bank for including their areas in the project.
They, however, complained over the incessant attacks by pirates on their waterways.
At Degema, King Agolia of Ke kingdom said land was a major problem in the kingdom.
King Agolia represented by High Chief Alpheus Damiebi said many indigenes of the kingdom are willing to go into farming but are handicapped by lack of land.
Also at Degema, the representative of the Omu Onyam Ekeim of Usokun Degema kingdom, Osoabo Isaac, said Degema has embraced the programme but needed more information on the implementation of the programme.
Similarly, while High Chief Precious Abadi advised that the project should not be narrowed to only crop farming, a community women leader, Mrs Orikinge Eremabo Otto, called for the construction of cold rooms in all fishing settlements in the area.
At Abonnema, Mr Diamond Kio linked the problem of the area to incessant piracy along waterways.
He also expressed fears over the possibility of the project being hijacked by politicians.
Also at Abonnema, a stakeholder, Ikiriko Kelvin, called on the World Bank to design an agricultural project that will suit the riverine environment, while at Oyigbo, HRH Eze Boniface Akawo expressed satisfaction with the project.
John Bibor
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Senate Replaces Natasha As Committee Chairman

The political mudslinging between the Senate leadership and Senator Natasha Akpoti-Uduaghan continued yesterday as the Senate named Senator Aniekan Bassey as the new Chairman of the Committee on Diaspora and Non-Governmental Organisations.
Senate President, Godswill Akpabio, announced the appointment during yesterday’s plenary, confirming Bassey’s replacement of Senator Natasha Akpoti-Uduaghan, who is currently on suspension.
Akpoti-Uduaghan was reassigned to the Diaspora and NGOs Committee in February after she was removed as Chair of the Senate Committee on Local Content during a minor reshuffle.
Bassey is the senator representing Akwa Ibom North-East Senatorial District.
Although no reason was given for her removal yesterday, the change is believed to be connected to her unresolved suspension.
In May, Justice Binta Nyako of the Federal High Court ordered her reinstatement and directed her to tender an apology to the Senate.
However, the Senate has insisted it has not received a certified true copy of the court judgment.
Akpoti-Uduaghan who represents Kogi Central, has yet to resume her legislative duties despite a recent court ruling that voided her suspension.
In a televised interview on Tuesday, Akpoti-Uduaghan said she was awaiting the Certified True Copy of the judgment before officially returning to plenary, citing legal advice and respect for institutional process.
Although the Federal High Court described her suspension as “excessive and unconstitutional”, a legal opinion dated July 5 and attributed to the Senate’s counsel, Paul Daudu (SAN), argued that the ruling lacked any binding directive to enforce her reinstatement.
Akpoti-Uduaghan, one of only three female senators in the current assembly, said the continued delay in allowing her return was not only a denial of her mandate but also a blow to democratic representation.
“By keeping me out of the chambers, the Senate is not just silencing Kogi Central, it’s denying Nigerian women and children representation. We are only three female senators now, down from eight,” she said.
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