Nigeria-EU Trade Volume Hits €19.9billion

Head of Trade and Economic Sector of the European Union, Mr Fillippo Amato, on Wednesday, September 21, disclosed that the multilateral trade between Nigeria and the member states of the EU hit €19.9 billion.

Mr Amato noted that during the period, countries under the regional belt received goods exported from Nigeria from both the oil and non-oil sectors.

He said the EU will continue to strengthen its ties with the Africa’s largest economy, revealing that a programme has been fixed for next month in Lagos to achieve this.

According to him, on October 5 and 6, 2017, the sixth EU-Nigeria Business Forum will take place in Lagos with the theme ‘Youth as an Engine of Broad-Based Economic Transformation.’

He disclosed that the event would focus on the role of youths in Information and Communication Technology (ICT) and agriculture, which were key sectors to support the growth and diversification of the Nigeria economy.

“Despite the major effect of recession on Nigeria’s trade, the EU-Nigeria trade remains strong, standing at €19.9 billion in 2016.

“But we know this will continue to grow because the EU remains the top destination for oil and non-oil exports from Nigeria.”

He further said that, “The sixth EU-Nigeria Business Forum in Lagos next month 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.

“The forum would also identify aspirations of young people, youth organisations and networks in view of the upcoming Africa-EU Summit.”



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