Nigeria, EU Trade Volume Climbs To N8.9trn

Nigeria’s trade volume with the Member States of the European Union has climbed to 25.3 billion Euros (about N8.9 trillion) in 2017.

This was revealed by the Deputy Head of Delegation of the  European Union (EU) to Nigeria and ECOWAS Richard Young.

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Young said this on Thursday in Lagos during a press briefing on the EU-Nigerian Business Forum.

According to him, to further cement their relationship, the EU Delegation, EU Member States and European companies active in Nigeria have created a European Business Organisation (EBO) to represent EU companies in Nigeria.

“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.”

He added that “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.”