The volume of trade between the European Union and Nigeria in 2021 is expected to be around €28.7 billion.
The European Union’s (EU) Head of Delegation to Nigeria and the Economic Community of West African States, ECOWAS, Ambassador Samuela Isopi, said yesterday that the EU-Nigeria trade balance favored Nigeria, with the bloc’s imports from Nigeria totaling around 17 billion Euro and its exports to Nigeria totaling around 11 billion Euro.
Isopi spoke at a press conference in Abuja ahead of this year’s Europe Day celebration, which will take place on May 9, 2022.
The European trading partnership with Nigeria accounts for nearly 21% of Nigeria’s total trade with the rest of the world. The figure of 21% represents one-fifth of Nigeria’s total trade volume with the rest of the world.
“The thing is that statistics do not consider the EU as a bloc because they tend to consider individual countries, but we see ourselves as a bloc, especially on trade, and we are by far the first trading partner.”
“The total EU-Nigeria trade volume in 2021 is 28.7 billion Euro, which is quite interesting with a country like Nigeria.” EU imports from Nigeria total 17.5 billion Euro, while EU exports to Nigeria total 11.2 billion Euro, resulting in a trade balance of 6.4 billion Euro in favor of Nigeria. So, Nigeria benefits from its economic and trade relations with the EU, which is a fact, and this is why we believe we will succeed.
“Without a doubt, we are one of Nigeria’s leading investors.” We are researching the presence of European Union investment in Nigeria. “By European Union investment, I mean joint ventures, joint investment cooperation between European and Nigerian companies.”
- Tags: EU, Nigeria, Trade Partneship
