- EU commits to creating jobs and opportunities for Nigerian youth through Global Gateway investment strategy
- Ambassador Mignot highlights €35 billion trade relationship and €26.4 billion foreign direct investment stock
The European Union (EU) has unveiled plans to strengthen trade ties with Nigeria while creating job opportunities for the nation’s youth.
This was disclosed by Gautier Mignot, the new EU Ambassador to Nigeria, during his first press briefing in Abuja.
Mignot emphasized the EU’s commitment to supporting Nigeria’s sustainable development, economic growth, and job creation. He highlighted the EU’s strong partnership with Nigeria, noting a trade relationship valued at €35 billion in 2023.
Speaking on the Global Gateway investment agenda, Mignot said, “Our focus is on creating jobs and opportunities, especially for young Nigerians, leveraging their entrepreneurial spirit in areas like the green economy, digital, agri-food, and health sectors.”
He also stressed the importance of addressing regional disparities, focusing on Northern Nigeria. He recalled his recent visit to the Northeast and mentioned ongoing and new projects to foster regional entrepreneurship.
The ambassador revealed plans to enhance collaborations in science, technology, and investment, including agreements to promote higher education and research.
He also reaffirmed the EU’s commitment to peace and security in Nigeria, ensuring its support aligns with its needs.
Mignot dismissed claims that EU trade expansion in Africa was influenced by tariff threats from Donald Trump’s administration. Instead, he explained that the Ukraine war prompted the decision to deepen ties with Africa and Nigeria.
He further described the EU as Nigeria’s largest trade and investment partner, accounting for 28% of Nigeria’s total trade in 2023.
Trade in goods between the two stood at €35 billion, with EU imports growing at 1.5% annually and exports at 0.9% between 2019 and 2023.
In the area of foreign direct investment (FDI), Mignot noted that the EU plays a key role, aligning with President Bola Tinubu’s Renewed Hope Agenda.
The EU accounts for one-third of Nigeria’s FDI stock, amounting to €26.4 billion in 2022, with hundreds of EU companies operating there.
The ambassador reiterated the EU’s commitment to fostering economic growth and opportunities for Nigerian youths, ensuring a long-lasting partnership.
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