EU-Nigeria trade volume hit N8.6tr, plan N1.7tr investment fund

In spite of the significant effect of recession on Nigeria trade, EU-Nigeria trade remains strong, standing at N8.6 trillion (19.9 billion Euros) the European Union has disclosed.

Filipino Amato, Counsellor and Head of Trade and Economic section of the European Union Delegation to Nigeria and Ecowas disclosed this in Lagos yesterday ahead of the 6th EU-Nigeria business forum which is billed to take place between 5 and 6of October, in Lagos.

Amato also disclosed that the legal instruments are being worked out for a N1.7 trillion (4 billion euros) investment for Africa by the European Union.

The funds would largely go into providing guarantee for local investors, by incentivizing commercial banks to release loans to areas they ordinarily would not lend. The EU, he said, is an important trading partner for Nigeria and remains the top destination for oil and non oil exports from Nigeria. Adding that, the move would also help attract more investors to the continent and Nigeria.

Speaking on the forthcoming forum, Amato said, the European UnionNigeria Business Forum comprising Business leaders as well as policy makers have dedicated this years edition to exploring the role of the youth in information and communication technology (ICT) and agribusiness.

The forum will also aim to address gender equality and economic empowerment of women as a key factor for sustainable development.

The forum will to identify the opportunities in addressing local infrastructure challenges as well as identify the aspirations of young people and networks in view of the upcoming Africa-EU summit.