EU, Nigeria Trade Volume Hits €28.7bn

The Ambassador to the EU Delegation to Nigeria and ECOWAS has said the trade volume between the bloc and Nigeria in 2021 stood at 28.7 billion euros.

The Ambassador, Ms Samuela Isopi disclosed this at the Europe Day celebration, which was held at the EU Residence in Abuja.

Europe Day is a day set aside for celebrating peace and unity among the European countries that form the EU in 1950.

The theme of the 2022 Europe Day celebration is; ‘Peace, Cooperation and Unity. The celebration holds every May 9 after Robert Schuman Declaration which launched the European projects.

Isoptin said that the EU as a bloc remained Nigeria’s biggest trading partner accounting for more than 20 per cent of Nigerian trade with the world.

“In 2021 the volume of EU-Nigeria trade stood at 28.7 billion euros, an increase of more than 25 per cent over 2020, with a trade balance of 6.4 billion euros in favour of Nigeria.

According to her, the bloc is Nigeria’s first partner in foreign direct investment, with EU companies contributing, together with their Nigerian business partner, to the country’s economic growth, job creation and wealth generation.

She said the bloc was looking further into strengthening these relations and to help create the necessary condition for the private sector to operate and contribute to developing the country.

She said the bloc would continue to work with the EU Member States, the European Investment Bank and other EU Development Financial Institutions, as ‘Team Europe’ to implement their joint vision.

She also pledged the EU’s determination to continue working with Nigeria to enhance security, development and its vision for the future.

She added that the bloc in bringing back peace in the North-East would support recovery, peacebuilding and the fight against terrorism and violent extremism, through the Multinational Joint Task Force

She said that the bloc would want to work together to strengthen multilateralism, democracy human rights, free and fair trade and sustainable development.

Isoptin said that Schuman”s proposed idea to end the conflicts amongst European nations that have been going on for a thousand years by bringing their resources together under a joint control to end the war then.

She added that the idea of Schuman working and also the project to unite the nations was today more relevant than ever.

“To our citizens, but also to the world and to our partners, such as Nigeria, who share the same values that are at the heart of our union.

“And, who want to work together to strengthen multilateralism, democracy human rights, free and fair trade and sustainable development.

“The bloc has seen crises starting from Brexit, COVID-19 pandemic which has profoundly affected European countries and economies and deeply transformed our societies.

“Observers predict that the EU was doomed to fail but with challenges come opportunities.

“The bloc has responded with unparalleled unity and solidarity, taking bold and unprecedented common decisions that have deepened our union,” she said.

She added that the celebration has an important meaning because, since Feb. 24, Europe has seen the return of war on a large scale on its soil.

The envoy said that a war whose impact was felt across the world, but that affects first and foremost Europe and the EU.