• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

EU pledges support for Nigeria’s economic integration, diversification

EU

The Matters Press by The Matters Press
June 30, 2022
Reading Time: 4 mins read
0
EU approves 820m Euro for Nigeria’s digital economy

The European Union (EU) says it is committed to supporting Nigeria in tackling issues hindering investment and trade to engender economic integration and diversification.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

The EU ambassador to Nigeria and Economic Community of West African States (ECOWAS), Ms Samuela Isopi, gave the assurance at the 8th edition of the EU-Nigeria Business Forum tagged: “Nigeria and the New Economy,” on Thursday in Lagos.

Isopi emphasised the need to have a vibrant diversified economy based on a business environment that is attractive to investors.

She said the Nigerian economy, like other economies around the world, was faced with challenges caused by the COVID-19 pandemic and the ongoing Russia-Ukraine war.

“In the first quarter of 2022 the Nigerian economy grew by 3.1 per cent and this was driven by the non-oil sector. However, the economic situation remains difficult.

“Countries that are still struggling to recover from the COVID-19 pandemic now face further challenges caused by the Russian-Ukraine war.

“In Nigeria, the shockwaves are already being felt on fuel, fertilisers and food prices.

“Therefore, Nigeria’s new economy should be focused on finding a path through difficult terrain, identifying opportunities and adopting a sustainable business approach,” she said.

She added that the ongoing conflict in Europe brought to the fore the issue of Europe’s energy security and the need to diversify sources of gas imports for the EU and member states.

“This will provide a win-win opportunity for Nigeria and the EU,” she said.

The ambassador said the EU remained the largest investor in Nigeria and the number one trading partner accounting for over 20 per cent of Nigeria’s trade with the world.

She added that EU-Nigeria trade in 2021 rose to 28.7 billion Euros with a significant trade balance of over 6 billion Euros in favour of Nigeria, despite the global downturn in trade after the pandemic.

“Nevertheless, these figures highlight a long-standing problem, which is the country’s dependency on oil and the urgent need to diversify.

“Nigeria has great potential in new fields of endeavour, but the new economy is also about putting forward innovative and modern solutions to established sectors.

“Tomorrow’s session would be dedicated to the climate-smart agricultural sector as a new growth engine. This is a critical sector to Nigeria as it relates to food security and creation of employment for the youth,” she said.

Gov. Babajide Sanwo-Olu of Lagos State stressed the need for a mutually beneficial relationship with the EU in the face of emerging dynamics in the global economy.

“There have been a lot of global disruptions owing to the COVID-19 pandemic and the Russia-Ukraine war.

“The impact of these events has provided an opportunity for us to be more intentional, pragmatic and committed to improving partnerships and economic diversification.

“It is, therefore, pleasing to know that the 8th EU-Nigeria business forum is focused on backward integration policies, opportunities to increase gas exports to Europe and new initiatives for the agricultural sector, against the backdrop of current social and economic realities.

“This will help grow sustainable industrialisation, create jobs, food security and increase the volume of trade between European countries,” he said.

Sanwo-Olu added that the Lagos State government, over the past eight months, had developed a 30-year development agenda to be achieved by 2052 and launched later in the year.

He said the plan was all-inclusive in making Lagos a thriving economy by leveraging the Nigerian market to become the export hub for fast-moving consumer goods, increasing formal retail trade and with robust healthcare and transportation systems.

“In 2021, we launched an agricultural master plan to make Lagos a food secure state and we are on the verge of completing the biggest 32,000MT per hour capacity rice mill in the country.

“With Lagos being the main trade hub in West Africa and regional gateway for transit and port services, we will be opening the deep-sea ports in Lekki, which will further decongest the Tincan and Apapa ports,” he said.

According to him, with the deep-sea ports project, Lagos will continue to remain a hub for international trade.

“We also intend to establish a world-class international financial centre because the financial services sector accounts for 47 per cent of GDP in Lagos, while Fintech investment in Nigeria has grown to almost 200 per cent.

“The tech space can drive value to about 10 to 15 per cent, which is currently about 3 per cent, making Lagos an investment destination for tech start-ups,” he said.

Also speaking, Prince Clem Agba, Minister of State, Finance, Budget and National Planning, said the business forum was in alignment with government policies and efforts at diversification.

According to him, the national development plan of 2021-2025, which focuses on concentric diversification aims to unlock Nigeria’s potential for sustainable, holistic and inclusive national development.

He said the plan identified critical macro-structural issues affecting concentric economic diversification and had proffered strategies for addressing them.

“A robust macro-economic framework developed for the plan recognises that sectors have different growth potential, thus leveraging on those sectors with the highest potential for stimulating the growth of the Nigerian economy,” said Agba.

According to him, some of the sectors with high growth potential and linkages are agriculture and food security; integrated rural development; manufacturing and industrialisation; tourism, hospitality and culture; digital economy; mining and solid minerals among others.

“The plan also seeks to generate 21 million jobs and lift 35 million Nigerians out of poverty, thereby setting the stage of achieving the government’s commitment of lifting about 100 million people out of poverty in 10 years,” he said.

Mary Ojulari, President, European Business Chamber (Eurocham), said the chamber would continue to leverage the strong partnership between the EU and Nigeria to enable businesses to thrive.

She said: “With a growing membership of over 40 companies, Eurocham Nigeria actively promotes trade and investment whilst advocating for the adoption of European best standards.

“Given the countless issues faced by European businesses, such as government policies, unstable fiscal monetary and trade policies, there is need for Eurocham to have consistent engagement with the government to drive success stories of business in Nigeria,” she said.

Tags: EU
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Group bemoans level of crude oil theft

Nigeria moves to tackle crude oil theft

Nigeria disburses N56bn to MSMEs

Bank pledges to support MSMEs

Recommended Stories

Jaiz Bank expands with new branches

eNaira app records 600,000 downloads

November 27, 2021
5G network for launch 2020

Ministry clamps down on 140 illegal users of radio frequency

December 2, 2022
Visa-on-arrival counters expanded

Nigerians to pay more as UK hikes visa fees

September 16, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us