EU to invest more in Nigeria’s private sector as trade volume sinks to £19.6bn

The European Union (EU) says trade volume between Nigeria and the region fell to £19.6 billion within the year from over £25 billion in 2015.

The EU therefore added that it is ready to disburse more money into private sector to boost the economic environment as the union is set to focus on information communication technology (ICT) and agribusiness.

Fillipo Amato, head of trade and economic section of the Union said this on Wednesday that the union will embark on an economic transformation that will involve the youth and women as they get empowered in ICT and agribusiness.

Explaining further, he said that the EU is Nigeria’s most important trade partner as over 39 percent of the country’s export is transacted by the EU.

Amato added that the union wishes and is ready to grow Nigeria’s exportation to Europe and will continue to support the economic development of West African countries.

Amato said that the 6th edition of the European Union-Nigeria business forum which is themed “Youth as an engine of broad-based economic transformation” will base its focus on the role of youth in information communication technology (ICT) and agribusiness.

The EU said it sees the sectors as key to developing value chains as well as gender equality and economic empowerment of women as a key factor to sustainable development are some of the issues that will be addressed.

The forum aims to “identify the key role of youth in digital economy and the potentials of ICT in cross cutting themes with experiences shared from the EU”.

“Strengthen EU and Nigeria’s business relations through identification of opportunities in the agribusiness space in creating jobs, boosting exports and addressing local food security problems.

“Identify the opportunities in addressing local infrastructure challenges and establishing an EU-Nigeria dialogue. Establish a more enabling environment for the fulfilment of women’s rights and to achieve real and tangible improvements in gender equality.

“Identify aspirations of young people, youth organisations and networks in view of the upcoming
Africa-EU summit.”

The forum is scheduled to hold at Eko hotels in Lagos on October 5 and 6 2017 as it plans to give business leaders and policy makers from the European Union and Nigeria a platform to explore business openings and how to increase investment, with a view to create more jobs, particularly in the ICT sector and agriculture.

The region believes that the success of the Economic Recovery and Growth Plan (ERGP) launched by Nigeria in February 2017 depends on active investors.

It states that creating jobs that will stimulate the economy and provide sustainable employment, particularly for the young people, is crucial both for the present and future of Nigeria.