Multilateral trade between Nigeria and the European Union (EU) member states stood at 19.9 billion Euros in 2016, Fillippo Amato, the Union’s Head of Trade and Economic Sector, has said.
Amato disclosed this on Wednesday at a news conference on the 6th edition of the EU-Nigeria Business Forum, scheduled to hold between October 5 and October 6 2017 in Lagos.
According to him, the EU remains the top destination for oil and non-oil exports from Nigeria.
“Despite the significant effect of recession on Nigeria’s trade, EU-Nigeria trade remains strong, standing at 19.9 billion Euros in 2016,” he said. “The EU official said that the success of the Economic Recovery and Growth Plan (ERGP) launched by Nigeria in February 2017 depended on active private sector participation. This calls for effective confidence building to attract investors.
He said: “On the other hand, creating jobs that will stimulate the economy and provide sustainable employment, particularly for young people, is crucial both for the present and future of Nigeria.’’
According to Amato, the forthcoming EU-Nigeria Business Forum, which is themed “Youth as an Engine of Broad-Based Economic Transformation’’ will hold at Eko Hotels, Lagos.
He said the forum will focus on the role of youths in information and communication technology (ICT) and agriculture, key sectors that will support the growth and diversification of the Nigeria economy.
The envoy said that it will also give business leaders and policy makers from EU and Nigeria a platform to explore business openings and how to increase investment.
“The forum will identify the key role of youths in digital economy and potentials of ICT in cross cutting themes and experiences shared from the EU.
“It will strengthen EU and Nigeria’s business relations through identification of opportunities in the agribusiness space in creating jobs, boosting exports and addressing local food security problems,” he said. “The forum would also identify aspirations of young people, youth organisations and networks in view of the upcoming Africa-EU Summit.”
Chukwudi Nwaneri with agency report
