EU to strengthen N12.4trn Bi-lateral Trade Relations with Nigeria

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EU Head of Delegation to Nigeria and ECOWAS - Ambassador Samuela Isopi (Source: Google)

The European Union (EU) is focused on expanding the €28 billion (N12.2 trillion) trade relations with Nigeria by looking into new partnership options.

Out of the €28 billion, €26 billion (N11.5 trillion) is in Nigeria’s favor because, according to the EU, it is still the country’s biggest trading partner.

This information was provided to reporters in Lagos by the head of the EU delegation to Nigeria and ECOWAS, Ambassador Samuela Isopi, who was informing them on the 8th edition of the EU-Nigeria Business Forum, which would be held in the nation’s commercial city from June 30 to July 2022.

The Federal Ministry of Trade and Investment and the EU-Nigeria Business Forum provide a venue for European and Nigerian enterprises to collaborate on enhancing the business climate.

Isopi stated that the forum’s three main sectors—backward integration strategy of the federal government, chances to expand gas exports to Europe, and smart and climate agriculture—would be the focus of the event under the title, “Nigeria and the New Economy.”

Along with John Taylor, the Trade Counsellor for the EU Delegation, and Inga Stefanowics, Team Lead for the Green and Digital Economy, Ambassador Isopi also made a hint that the current international climate, brought on by the conflict in the Ukraine and Russia, was forcing the EU to diversify its gas supplies in order to see how more Nigerian liquefied natural gas (LNG) could be exported to Europe.

Isopi stated that the forum’s three main sectors—backward integration strategy of the federal government, chances to expand gas exports to Europe, and smart and climate agriculture—would be the focus of the event under the title, “Nigeria and the New Economy.”

Along with John Taylor, the Trade Counsellor for the EU Delegation, and Inga Stefanowics, Team Lead for the Green and Digital Economy, Ambassador Isopi also made a hint that the current international climate, brought on by the conflict in the Ukraine and Russia, was forcing the EU to diversify its gas supplies in order to see how more Nigerian liquefied natural gas (LNG) could be exported to Europe.

She explained that the business forum was “taking place within the framework of our economic relations with Nigeria, which is something that is extremely important and represents a priority in the agenda of the European Union with Nigeria.

“You may know that the European Union as a bloc is by far the largest trading partner of Nigeria. It represented €28bn in 2021 with the balance of €26bn in favour of Nigeria.

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