Nigeria+European Union Trade Volume Hits €24.6bn in 2023, Despite 18.7% Decline

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The trade volume between the European Union and Nigeria reached €24.6 billion in 2023, with oil dominating the imports. This figure represents an 18.7% decrease from 2022, as revealed by Miriam Ferran, the Deputy Director General of the Directorate of International Partnerships (INTPA) at the European Commission.

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Ferran shared this data during the 9th Edition of the EU-Nigeria Business Forum in Abuja, themed “Investing in Jobs and a Sustainable Future.” The event also saw the launch of the EU-Nigeria Agribusiness Platform, aimed at enhancing private investments in Nigeria’s agribusiness sector.

“The EU remains Nigeria’s biggest trading partner, first investor, top donor of humanitarian and development aid, and the largest diplomatic network. EU-Nigeria trade relations favor Nigeria, with crude oil being the major import from Nigeria,” Ferran stated.

The newly launched digital platform is designed to foster trade, attract responsible investment, and strengthen business linkages, particularly for SMEs in the agribusiness sector. Developed in consultation with the Nigerian government, it aims to create a structured dialogue between Nigerian and EU farming and agri-food communities.

“Sustainable agriculture is a cornerstone for economic development and growth in Nigeria. The agricultural sector contributes around a quarter of the GDP. Successive Nigerian governments have sought to diversify the economy from oil dependency by rejuvenating agriculture through various policies and programs,” Ferran noted.

The platform will be managed by Agribusiness Register Limited, a private sector entity familiar with the agribusiness ecosystem. It will engage with agribusinesses, farmer groups, aggregators, and other stakeholders while collaborating with EU partners and relevant Nigerian government agencies.

Ferran emphasized the need to improve non-oil trade between Nigeria and the EU, underscoring the platform’s role in reducing food insecurity and poverty while achieving sustainable economic development in Nigeria.

The EU-Nigeria Agribusiness Platform will create linkages between Nigeria and EU agribusiness stakeholders, promoting trade and investment, especially among SMEs. It will also serve as a digital space for commercial activities and interactions in the agri-food system and agro-industry.

“The initiative will contribute to the reduction of food insecurity and poverty, as well as the attainment of sustainable economic development in Nigeria,” Ferran concluded.

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