The European Union Ambassador to Nigeria and Economic Community of West African States (ECOWAS), Ms Samuela Isopi, has said the union will unveil a package of policy actions aimed at assisting Nigeria to diversify its economy.
At a press conference in Lagos to kick-start the EU-Nigeria Business Fora’s two days interactive session, Ms. Sopi said the announcement of the EU programme is slated for Friday.
She also said the EU was collaborating with the Federal Government to improve infrastructure and security, saying it was imperative for Nigeria to improve critical infrastructure and overcome security challenges to attract investments into key sectors of the economy.
Isopi said: “We are working to support the government to address security challenges in the area of farmers/herder clashes, oil bunkering and others. Nigeria needs to create the appropriate environment to attract investments in the several sectors of the economy.”
Ms. Isopi said the EU was also focusing on investments in the oil and gas as well as the agriculture sectors as key drivers of the economy. “We want to wean ourselves from dependence on gas from Russia. By continuing to buy gas from Russia, we will continue to support their economy. We are reaching out to the Nigerian government and other African countries as alternatives. But we are confronted by the issues of inadequate infrastructure, vandalism, banditry and kidnapping.
That’s why we are collaborating with the Nigerian government.” Isopi, who described the EU bloc as Nigeria’s biggest trading partner, said the European bloc accounted for 20.9 per cent of Nigeria’s trade with the world.
She said the EU accounted for 25.4 per cent of Nigeria’s exports to the global market, and was Nigeria’s second largest import destination, accounting for 16.1 per cent of the country’s total imports.
She said the bloc was Nigeria’s first partner in foreign direct investment, with EU companies, together with their Nigerian business partners, contributing to the country’s economic growth, job creation and wealth generation.
She said the issues hindering investments in Nigeria would be discussed and tackled at the Eighth EU-Nigeria Business Forum, themed ‘Nigeria and the New Economy,’ scheduled to hold in Lagos from tomorrow to Friday.
According to her, business leaders and government officials from Nigeria and Europe will seek to identify new opportunities to unlock the Nigerian economy towards win-win outcomes for Nigeria and Europe at the forum.
