The European Union (EU) has reaffirmed its commitment to supporting Nigeria’s sustainable development, economic growth, and job creation. Speaking at his first press briefing since assuming office, EU Ambassador to Nigeria, Mignot, highlighted the EU’s role as Nigeria’s leading trade and investment partner, with total trade between both regions valued at €35 billion in 2023.
Mignot emphasized that the EU’s Global Gateway investment agenda aims to foster job creation, particularly among Nigeria’s youth, by leveraging the country’s entrepreneurial spirit in key sectors such as the green economy, digital transformation, agri-food, and healthcare.
“Special attention will be given to Northern Nigeria, where there is both significant need and strong entrepreneurial potential. During my recent visit to the Northeast, I witnessed this firsthand, and we have an ongoing package of new and existing projects in the region,” Mignot stated.
Beyond economic development, the EU is also focusing on science, technology, and investment agreements to enhance higher education, research, and security collaborations, ensuring a stronger response to Nigeria’s evolving needs.
Addressing speculation that U.S. tariff policies under Donald Trump’s administration influenced the EU’s pivot toward Africa, Mignot clarified that the decision to expand trade relations with Nigeria was made independently, particularly in response to geopolitical shifts following the Ukraine war.
As Nigeria’s largest trading and investment partner, the EU accounted for 28% of Nigeria’s total trade in 2023. EU-Nigeria trade in goods reached €35 billion, with an annual growth rate of 1.5% for EU imports and 0.9% for EU exports between 2019 and 2023.
Investment remains a priority, aligning with President Bola Tinubu’s Renewed Hope Agenda. Mignot revealed that EU foreign direct investment (FDI) in Nigeria stands at €26.4 billion (2022), making up nearly one-third of Nigeria’s total FDI. Hundreds of EU companies continue to operate in Nigeria, driving economic growth and strengthening bilateral relations.
With a focus on trade, investment, and sustainable development, the EU remains committed to deepening economic ties with Nigeria, unlocking new opportunities for growth and innovation across key sectors.
