EU eyes bigger investments in Nigeria, backs regional trade expansion

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The European Union has reaffirmed its commitment to expanding investments in Nigeria and strengthening regional trade, describing the country as a strategic economic hub with access to more than 400 million consumers across West Africa.

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The commitment was made at the 10th Nigeria-European Union Business Forum in Lagos, where European and Nigerian government officials, business leaders, investors and development partners gathered to explore new opportunities for trade, investment and sustainable economic growth, according to a statement by the EU delegation to Nigeria and ECOWAS on Saturday.

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In a video message to participants, the High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission, Kaja Kallas, said Nigeria remained one of the bloc’s most important partners in Africa and a priority destination for European investors.

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“The choice to come to Nigeria was no coincidence. Nigeria is an economic powerhouse on the African continent and an important partner for the European Union today,” she said.

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Kallas encouraged European businesses to take advantage of investment opportunities in Nigeria, describing the country as “an excellent destination for your investment.”

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She noted that the speed with which the business forum was organised following her recent visit to Nigeria reflected the determination of both European and Nigerian stakeholders to deepen commercial ties and unlock new investment opportunities.

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Also speaking, the Director of Trade at the Economic Community of West African States Commission, Kolawole Sofola, who represented the President of the Commission, Dr Omar Touray, said regional integration had created enormous opportunities for businesses seeking to expand beyond Nigeria.

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According to him, the Economic Community of West African States Trade Liberalisation Scheme and the African Continental Free Trade Area provide investors with a legal and institutional framework to access a regional market of more than 400 million people and a continental market exceeding 1.4 billion consumers.

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“I invite investors to regard Lagos not only as a destination but as a platform to a wider regional and continental market,” Sofola said.

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He identified agro-processing, manufacturing, renewable energy, infrastructure and the digital economy as key sectors with strong investment potential, urging businesses to leverage Nigeria’s strategic position to serve regional and continental markets.

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Sofola also applauded the European Union’s continued support for regional infrastructure projects, particularly the Abidjan-Lagos Corridor under the Global Gateway strategy, saying the initiative would improve transport connectivity, facilitate trade and strengthen economic integration across West Africa.

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The forum, themed “Enhancing Sustainable Investment Together,” brought together policymakers, financial institutions, development partners and private-sector leaders from Nigeria and Europe to discuss ways to strengthen commercial partnerships and promote private-sector-led growth.

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Participants emphasised the need for improved infrastructure, policy certainty, easier cross-border trade and increased investment in productive sectors to unlock the full benefits of regional economic integration.

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The Nigeria-European Union Business Forum is the European Union’s flagship annual platform for promoting trade and investment relations with Nigeria. The forum serves as a meeting point for governments, investors and businesses to identify investment opportunities, address barriers to trade and strengthen economic cooperation.

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The event comes as Nigeria seeks to attract more foreign direct investment to support economic diversification, industrialisation and job creation. It also aligns with the implementation of the African Continental Free Trade Area, which aims to create the world’s largest free trade area by connecting African countries into a single market, while the Economic Community of West African States Trade Liberalisation Scheme continues to facilitate the free movement of goods and services across West Africa.

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The European Union remains one of Nigeria’s largest trading partners and a major source of investment, development financing and technical support for infrastructure, digital transformation and sustainable development initiatives.

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