The total value of bilateral trade between Nigeria and European Union Member States stood at £25.3 billion, an equivalence of about N8.9 trillion, in 2017.
The Deputy Head of Delegation, European Union (EU) to Nigeria and ECOWAS, Richard Young, disclosed this while addressing newsmen at the 7th EU-Nigerian Business Forum on Thursday in Lagos.
Young said the EU Delegation, EU member States and European companies active in Nigeria have established a European Business Organisation (EBO) aimed at strengthening the relationship with EU companies in Nigeria.
He said the organisation would represent the voice of European companies across various sectors of the Nigerian economy.
“The EBO Nigeria will also ensure a high-level policy dialogue with Nigerian authorities and organised private with the objective of improving the business and investment and fostering business and trade relations between the EU and Nigeria,” Young said.
The envoy noted that EU has also launched an External Investment Plan (EIP) to encourage investment in partner countries, including Nigeria, adding that the plan would strengthen its partnerships by promoting inclusive growth, job creation and also tackle some of the root causes of irregular job migration.
According to him, “The EIP is a new approach to supporting sustainable development through investment. It will improve the way in which scare public funds are used and how public authorities and private investors cooperate on investment projects.
“Through a new guarantee mechanism, the EIP will increase private investment in higher risk environments, facilitate private sector investments that otherwise would not be available.”