FG, EU deepen economic partnership to drive investment, growth

n n

The Federal Government and the European Union reaffirmed their commitment to deepening their strategic economic partnership as part of efforts to attract greater investment, expand trade and accelerate sustainable economic growth according to a statement by the EU delegation to Nigeria and ECOWAS on Friday in Abuja.

n

The commitment was reaffirmed at the 10th Nigeria–EU Business Forum, where government officials and European partners said ongoing economic reforms and stronger policy coordination were positioning Nigeria for increased investment and long-term private sector-led growth.

n

Speaking at the forum, the Ambassador of the European Union to Nigeria and ECOWAS, Gautier Mignot, said the event marked the first major milestone since both sides elevated their relationship to a strengthened Strategic Partnership during the EU–Nigeria Ministerial Meeting in March 2026.

n

“Today’s Business Forum is the first concrete illustration of this common purpose,” Mignot said.

n

He noted that the European Union accounts for 31 per cent of Nigeria’s foreign trade and remains the country’s largest source of foreign direct investment.

n

According to him, the partnership is gaining momentum through the European Union’s Global Gateway strategy, expanded European Investment Bank operations, the commencement of European Bank for Reconstruction and Development activities in Nigeria, stronger Team Europe coordination and a structured Nigeria-EU trade and investment dialogue.

n

Delivering the keynote address on behalf of Vice President Kashim Shettima, the Director-General of the Presidential Enabling Business Environment Council, Princess Zahra Mustapha Audu, described the Nigeria-EU relationship as “a strategic economic alliance” that extends beyond diplomatic engagement.

n

She disclosed that the partnership currently supports more than €35 billion in annual trade, approximately €26 billion in European foreign direct investment and over 130,000 direct jobs across Nigeria.

n

“The Nigerian-European Union Business Forum has evolved beyond a dialogue platform. It has become an important vehicle for translating shared aspirations into investments, commercial partnerships, policy reforms and development outcomes,” she said.

n

Audu said the forum had become a platform “where policy meets enterprise, where dialogue meets execution, and where opportunities are transformed into investments.”

n

She maintained that the Federal Government’s ongoing economic reforms were improving macroeconomic stability, strengthening investor confidence and positioning Nigeria as a preferred destination for productive investment.

n

“The success of the Nigeria-EU partnership will be measured not only by the agreements we sign, but by the infrastructure we build, the industries we develop and the technologies we deploy,” she added.

n

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said the forum reflected growing confidence in Nigeria’s reform programme and reaffirmed the Federal Government’s commitment to creating a more competitive investment climate.

n

“Our work here as government is simple: to listen, to partner, to further our collaborative interventions,” Oduwole said.

n

She added that recommendations from the private sector would help shape policies aimed at improving Nigeria’s competitiveness and attracting more investment into key sectors of the economy.

n

Also speaking, the Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, who represented the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said Nigeria’s economic transformation was being driven by deliberate reforms, fiscal discipline and coordinated implementation.

n

“Economic transformation is not a matter left to chance. It can only be achieved as a matter of choice, discipline, deliberate strategy and coordinated implementation,” she said.

n

Uzoka-Anite explained that reforms in public financial management, taxation and fiscal coordination were helping to channel public resources into priority sectors capable of creating jobs, attracting private capital and delivering critical infrastructure.

n

She added that the investment facilities announced during the forum formed part of the Federal Government’s broader strategy to strengthen partnerships with development finance institutions and the private sector to achieve sustainable economic growth.

n

Held under the theme, “Enhancing Sustainable Investment Together,” the 10th Nigeria-EU Business Forum brought together policymakers, investors, financial institutions and business leaders from Nigeria and Europe to promote cooperation in renewable energy, digital infrastructure, healthcare, agriculture, manufacturing, sustainable transport and trade.

n

The forum was the first major business engagement following the elevation of Nigeria-EU relations to a strengthened Strategic Partnership and reflected both sides’ determination to translate policy commitments into tangible investments, improved infrastructure and inclusive economic development.

n

n

The European Union is Nigeria’s largest trading partner and source of foreign direct investment, with bilateral cooperation spanning trade, infrastructure, energy, agriculture, digital innovation and governance reforms. In March 2026, Nigeria and the EU agreed to elevate their relationship to a strengthened Strategic Partnership, creating a framework for deeper cooperation on economic diversification, industrialisation, climate resilience and private sector development.

n

The partnership aligns with the Federal Government’s ongoing economic reform agenda, which includes fiscal and tax reforms, efforts to improve the ease of doing business and policies aimed at attracting long-term domestic and foreign investment to stimulate growth, create jobs and strengthen Nigeria’s economy.Z

n n