EU-Nigeria trade balance favours Nigeria by €6.4bn - Ambassador

The EU Ambassador to Nigeria, Samuela Isopi, said that EU’s imports from mNigeria stood at €17.5bn, while its exports were valued at €11.2bn, with the trade balance at €6.4bn in favour of Nigeria.

Isopi, who disclosed this at a press briefing on Thursday, ahead of the Europe Day 2022, coming up on May 9. said the volume of EU-Nigeria trade stood at €28.7bn in 2021 - 25.8% increase over that of 2020.

She noted that the EU is the Nigeria’s most important trading partner accounting for 20.9% of Nigeria’s trade with the world.

“EU is the first export destination for Nigeria, accounting for 25.4% of its exports. EU is second in Nigeria’s imports from the world accounting for 16.1% of its total imports” she said.

She referenced the outstanding accomplishments recorded in recent times as the EU and Nigeria ramped up collaborations to address issues of common concerns, leveraging their strong partnership of equals.

The EU has been providing the lead in efforts to promote peace and security, democratic governance and rule of law, human rights and freedoms, prosperity and decent living at home and around the world.

“In the face of global challenges like pandemics, security, finding green and digital solutions, climate change and migration, the EU has already proven to be more effective while working with its networks of partnerships across the world.

“Together with its Member States, the EU is the biggest donor of COVID-19 vaccines to Nigeria, and has so far gifted it with 20 million doses, representing 61% of all donated vaccines received by Nigeria through the COVAX facility” she said.

Isopi pledged that the European Union (EU) will continue to pursue with increased vigour its bilateral engagement and friendship with Nigeria, with a view to delivering better and more results in their partnership.