Nigeria-EU trade stands at 19.9bn Euros

Published by

Posted on September 21, 2017

Despite the effect of recession on Nigeria’s trade, the Nigeria-EU trade waxed stronger and closed 2016 at 19.9 billion Euros, it has been revealed.

According to the Trade Counsellor and Head of Trade & Economic Section of the European Union (EU) Delegation to Nigeria, Mr.Fillipo Amato, who stated this at a briefing Wednesday in Lagos, the EU remains the top destination for Nigeria’s exports.

Amato observed that the success of the recently launched Economic Recovery and Growth Plan(ERGP) would depend on active private sector participation in creating jobs to stimulate the economy.

He stated: “In spite of the significant effect of recession on Nigeria’s trade, EU-Nigeria trade remains strong, standing at 19.9 billion Euros in 2016.The EU remains the top destination for oil and non-oil exports from Nigeria. The success of the Economic Recovery and Growth Plan(ERGP) launched by Nigeria in February 2017 depends on active private sector participation, and calls for effective confidence building to attract investors. On the other hand, creating jobs that will stimulate the economy and provide sustainable employment, particularly for young people, is crucial both for the present and future of Nigeria.”

On the 6th edition of the EU-Nigeria Business Forum slated for next month in Lagos, Amato said ‘Youth as an Engine of Broad-based Economic Transformation’ , which is the theme for this year’s event, would focus on the role of youth in Information and Communication Technology (ICT) and agribusiness, which are key sectors to support the growth and diversification of the Nigerian economy.

“Specific sessions have been designed to address agribusiness and developing value chains as well as gender equality and economic empowerment of women as a key factor to sustainable development”, he added.
The forum, among other things, aims to “identify the key role of youth in digital economy and the potential of ICT in cross-cutting themes with experiences shared from the EU; strengthen EU and Nigeria’s business relations through identification of opportunities in the agribusiness space in creating jobs, boosting exports and addressing local food security problems”.



About the Author


Subscribe and receive the following...

  • World News Updates
  • Latest News on Trade, Commerce & Investments
  • Latest Entertainment, Celebrity News & Gossips