The European Union (EU) and the European Business Chamber Nigeria (Eurocham) have signed a €300,000 grant agreement to support the chamber’s further development. The signing took place during the 9th EU-Nigerian Business Forum in Abuja, reflecting the EU’s commitment to fostering strong economic and commercial ties with Nigeria.
Strengthening Eurocham’s Capacity
The grant aims to enhance Eurocham’s capacity to better serve its members, promote European business interests in Nigeria, and contribute to mutual economic growth. Ms. Myriam Ferran, Deputy Director General of the Directorate of International Partnerships at the European Commission, and Mr. Frederik Klinke, Vice-President of Eurocham, signed the agreement on behalf of their respective organizations.
Commitment to Economic Growth
Ferran emphasized the importance of the partnership, stating, “This grant to Eurocham Nigeria is a testimony to the EU’s dedication to fostering a vibrant business environment and facilitating meaningful economic exchanges in Nigeria.”
Enhancing Member Services and Economic Development
The grant will fund various developmental projects, including capacity-building programs, member services enhancement, and initiatives to improve the business climate in Nigeria. Eurocham Nigeria will also use the grant to organize events, workshops, and training sessions for its members and the broader Nigerian business community.
Mr. Yomi Onifade, CEO of Allianze Nigeria, and Mr. Frederik Klinke, who is also CEO of APM Terminals, expressed gratitude for the EU’s support. They highlighted that the grant marks a pivotal moment for Eurocham Nigeria, enabling it to expand its activities and play a more active role in Nigeria’s economic development.
EU-Nigeria Agribusiness Platform Launch
In addition to the grant agreement, the EU delegation to Nigeria and the Economic Community of West African States launched the EU-Nigeria agribusiness platform. This initiative aims to increase private investments in Nigeria’s agribusiness sector, reduce food insecurity and poverty, and achieve sustainable economic development.
Facilitating Trade and Investment
The agribusiness platform will boost exploration and exploitation of agribusiness opportunities between Nigeria and the EU. It will establish a network of active agribusiness members from both regions, focusing on creating linkages and interactions, especially among SMEs, to promote trade and investment.
Significant Trade Partnership
The EU remains Nigeria’s biggest trading partner, with trade volume standing at €24.6 billion in 2023, despite an 18.7 percent decrease from 2022. The EU is also Nigeria’s first investor, top donor of humanitarian and development aid, and maintains the largest diplomatic network in the country.
The collaboration between the EU and Eurocham Nigeria, alongside the launch of the agribusiness platform, underscores a shared commitment to fostering economic growth and strengthening ties between Europe and Nigeria.
