Foreign investors, particularly those from the European Union (EU) have been urged to really commit to the development of Nigeria.
Massimo De Luca, Head of Corporation, European Union (EU) Delegation to Nigeria and ECOWAS who made the plea on Thursday in Lagos said “as Nigerians and Europeans, we have a lot in common and there is a lot we can do together”.
“Nigeria has played a very important role when it comes to the EU, and EU companies keep looking for investment opportunities across sectors in Nigeria,” De Luca told editors in Lagos on Thursday shortly after a signing ceremony of 300,000 euros (about N470million) for the Eurocham Nigeria Institutional Development Support (NG-EUDES).
Eurocham is an organisation that promotes trade, investment and exchanges between European businesses operating in Nigeria, and between the Nigerian public and private sector entities.
While noting that European companies constantly look for investment opportunities in Nigeria, he said “Nigeria has played important host when it comes to European companies, these companies are not just sources of Foreign Direct Investment (FDI) but also big employers and by far Nigeria’s biggest FDI employers”.
The European Union is a unique community of 27 European countries and over 400 million people who have decided to shape their future together.
The EU cooperation budget for 2021-2027 amounted to €731 million in grants, and it was complemented by other instruments.
Eurocham Nigeria is the European Business Organisation in Nigeria, dedicated to promoting European business interests and fostering economic cooperation between European Union and Nigeria.
Read also:EU-Nigeria trade volume hits €24.6bn in 2023, despite 18.7% decline
The Chamber provides a platform for networking, advocacy, and business support services to its members, facilitating a conducive business environment in Nigeria.
This significant financial contribution underscores the EU’s commitment to fostering strong economic and commercial ties with Nigeria.
The European Business Chamber will use the funds for various developmental projects, including capacity-building programmes, member services enhancement, and initiatives aimed at improving the business climate in Nigeria.
In addition, Eurocham Nigeria will leverage the grant to organise events, workshops, and training sessions that will benefit its members and the broader Nigerian business landscape.
Luca said, “the 300,000 euros is a grant with the Eurocham to support them in playing a developmental role in Nigeria”.
Recently, Gautier Mignot, new ambassador to Nigeria and the Economic Community of West African States (ECOWAS) outlined the union’s plans to bolster trade, strengthen investment, and positively impact the youthful population of Nigeria.
The EU was Nigeria’s largest trading and investment partner in 2023, with 28 percent of its total trade at €35 billion.
While noting that Nigeria benefited from a €10.7 billion trade surplus from the EU, Mignot said, “Our Foreign Direct Investment (FDI) stock accounts for about one third of Nigerian FDI, totalling €26.4 billion as at 2022.
“There are hundreds of EU companies present in Nigeria, and they have strict compliance policies on anti-corruption, environment, labour, and local legislation,” Mignot said.
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