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Nigeria is our Biggest Trade Partner in the Region – EU Ambassador

By on October 11, 2012

HEad of EU delegation to Nigeriam Ambassador David MAcrae

The European Union’s (EU) Trade Investment in Nigeria is valued at N6 trillion by Dr. David MacRae, the EU ambassador to Nigeria.

As part of plans to deal with power supply challenges in Nigeria, the EU has concluded plans to collaborate with the Federal Government on a project tagged “Energy for all initiative.”

This declaration was made in Lagos by MacRae who said that the new program is intended to help the federal government and some states tackle power supply challenges in Nigeria.

He advised Nigerians to be patient with the economic challenges, adding that business activities for small and medium scale enterprises will soon perk up with improved power supply around the corner.

MacRae said, “EU is committed in the negotiation of an Economic Partnership Agreement (EPA) with Nigeria.

“Nigeria constitutes around half of the EU exports to the region and nearly 70 per cent of the imports. Of course, oil takes the biggest share, but the EU also attracts more than 50 per cent of the Nigerian non-oil exports, and is a key partner, through trade and investments in the industrialization of the country. Stocks of EU investments in Nigeria alone amounted to no less than 30 billion euros in 2010.”

The envoy said Nigeria is EU’s Key partner in Africa and the collaboration has been on for a very long time now and he only sees a better future.

“We see EPA as a development tool to reinforce regional integration process and foster growth and development. The EU believes that the EPA represents an opportunity to Nigeria in terms of attracting investment to the no oil sectors, improved access to the EU market and economic governance,” he said.

“For these and associated reasons, EU’s commitment to Nigeria has been on the ascendancy in recent years. Our unwavering commitment to make this country better, a safer place, firmly anchored on the ideals of democracy and good governance has remained on course.”