Wednesday, October 5, 2022

EU, Nigeria trade volume hits €28.7 billion

Samuela Isopi, the ambassador to the EU delegation to Nigeria and ECOWAS, has put the trade volume between the bloc and Nigeria in 2021, at €28.7 billion.

• May 10, 2022
Samuela Isopi (Credit: MSN)
Samuela Isopi (Credit: MSN)

Samuela Isopi, the ambassador to the EU delegation to Nigeria and ECOWAS, has put the trade volume between the bloc and Nigeria in 2021, at €28.7 billion.

The envoy disclosed this at the Europe Day celebration, held at the EU Residence in Abuja.

The Europe Day is a day set aside for celebrating peace and unity among the European countries that formed the EU since 1950.

The event is held every May 9 after the Robert Schuman Declaration which launched the European projects.

According to Ms Isopi, the EU as a bloc remains Nigeria’s biggest trading partner accounting for more than 20 per cent of Nigeria’s trade with the world.

”In 2021 the volume of EU-Nigeria trade stood at 28.7 billion euros, an increase of more than 25 per cent over 2020, with a trade balance of €6.4 billion in favour of Nigeria,” stated Ms Isopi.

According to her, the bloc is Nigeria’s first partner in foreign direct investment, with EU companies contributing, together with their Nigerian business partner, to the country’s economic growth, job creation and wealth generation.

She said the bloc was looking further in strengthening the relations and to help create the necessary conditions for the private sector to operate and contribute to developing the country.

She added that the bloc would continue to work with EU member states, the European Investment Bank and other EU Development Financial Institutions, as ‘Team Europe’ to implement their joint vision.

Ms Isopi also pledged EU’s determination to continue working with Nigeria to enhance security, development and its vision for the future.

She added that the bloc in bringing back peace in the North-East it would support recovery, peace-building and the fight against terrorism and violent extremism, through the Multinational Joint Task Force

The EU envoy also stated that the bloc would want to work to strengthen multilateralism, democracy, human rights, free and fair trade and sustainable development.

Ms Isopi also mentioned Mr Schuman’s proposed idea to end the conflicts amongst European nations that has been going on for a thousand years through bringing their resources together under a joint control to end the war then.

She added that the idea of Mr Schuman worked and also the project to unite the nations was today more relevant than ever.

“To our citizens, but also to the world and to our partners, such as Nigeria, who share the same values that are at the heart of our union. And, who want to work together to strengthen multilateralism, democracy, human rights, free and fair trade and sustainable development,” the EU envoy stressed.

She added, “The bloc has seen crises starting from Brexit, COVID-19 pandemic which has profoundly affected European countries and economies and deeply transformed our societies. Observers predict that the EU was doomed to fail but with challenges come opportunities.”

She noted that the celebration had an important meaning because since February 24, Europe has seen the return of war on a large scale on its soil.

“The war in Ukraine reminds us in a dramatic way of the enduring value of the European Union as a peace project among Europeans,” noted the envoy.

She quoted the president of the European Commission, Ursula Von der Leyen, as saying, “The Russian invasion of Ukraine reminds us why we are celebrating Europe Day, to mark when a peaceful, prosperous Europe was born. Then, 72 years later, Europe is united in solidarity with the Ukrainian people, who aspire a future of freedom and a European future.”


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