Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Gautier Mignot, has outlined the union’s plans to bolster trade, strengthen investment, and positively impact the youthful population of Nigeria.

Mr Mignot disclosed the plans on Wednesday in Lagos at a media luncheon.

He said that the EU would want to partner closely with Nigerian authorities at all levels to know their expectations, strategies, and needs.

Mr Mignot also said that the EU would want to know the expectations of civil societies and Nigerian youths.

He said that the EU was Nigeria’s largest trading and investment partner in 2023, with 28 per cent of its total trade at €35 billion.

He said that Nigeria benefited from a €10.7 billion trade surplus from the EU.

He stated, “Our Foreign Direct Investment (FDI) stock accounts for about one third of Nigerian FDI, totalling €26.4 billion as at 2022. There are hundreds of EU companies present in Nigeria, and they have strict compliance policies on anti-corruption, environment, labour, and local legislation.’’

The ambassador said that he was committed to bringing the EU-Nigeria partnership to a higher level, with the aim of positively impacting the Nigerian population.

He said that given the current uncertain times and fast-evolving global environment, Nigeria needed constant and faithful partners to count on.

Mr Mignot said that the EU took Nigeria as a key partner in Africa and the world; hence, its mission to inform, propose and implement decisions to strengthen the partnership.

“We have a global and strong partnership based on shared values such as democracy, rule of law, and multilateralism. EU interest is to see Nigeria consolidate its role as an anchor of stability in Africa and progress on its path towards a peaceful, prosperous, and sustainable future. We want to help in this endeavour, with full respect for Nigeria’s sovereignty and with humility.
There is a lack of visibility, and we have to combat disinformation and misperceptions, and the press has an important role to play in this regard,” he said.

Mr Mignot said that under the partnership, there would be better structure for economic relations and dialogue to address issues hampering investment and trade.

Mr Mignot described the EU’s Global Gateway Investment as a new strategy aimed at connecting people and accelerating green, digital, and inclusive transitions in partner countries such as Nigeria.

According to him, it means leveraging and accelerating investment and to increasingly work in coordination with EU companies to bring concrete benefits to Nigerians.

He said the EU recognised the importance of accelerating Nigeria’s industrialisation and maximising opportunities for value addition and job creation.

He noted that the EU cooperation budget for 2021-2027 amounted to €731 million in grants, and it was complemented by other instruments.

“With the Global Gateway Investment Strategy, the EU works in sectors crucial for the transformation and diversification of the Nigerian economy, such as energy, the digital economy, agriculture, and food security. The EU also invests in human development—health, education, and social protection—as well as in good governance, migration issues, and fundamental rights.

“The EU is increasingly developing projects in the north of the country as a whole to respond to the specific development needs of this part of Nigeria. The EU is committed to further strengthening engagement in peace and security by responding better to Nigeria’s needs and expectations,” he said.

(NAN)