Nigeria's position as West Africa's economic gateway received another boost as the European Union reaffirmed its commitment to expanding investments in the country and supporting regional trade.
The renewed commitment was announced at the 10th Nigeria-European Union Business Forum in Lagos, where government officials, investors, business leaders and development partners from Nigeria and Europe met to explore opportunities for trade, investment and sustainable economic growth.
Addressing participants via video, the European Union's High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission, Kaja Kallas, described Nigeria as one of the EU's most important partners in Africa and a priority destination for European investors.
"The choice to come to Nigeria was no coincidence. Nigeria is an economic powerhouse on the African continent and an important partner for the European Union today," she said.
Kallas encouraged European businesses to invest in Nigeria, calling it "an excellent destination for your investment." She added that the swift organisation of the forum after her recent visit to Nigeria reflected the determination of both Nigerian and European stakeholders to deepen commercial ties.
Representing ECOWAS Commission President Dr Omar Touray, the Commission's Director of Trade, Kolawole Sofola, said Nigeria offers investors access to a regional market of more than 400 million consumers through the ECOWAS Trade Liberalisation Scheme, while the African Continental Free Trade Area opens the door to a continental market exceeding 1.4 billion people.
"I invite investors to regard Lagos not only as a destination but as a platform to a wider regional and continental market," Sofola said.
He identified agro-processing, manufacturing, renewable energy, infrastructure and the digital economy as sectors with strong investment potential. He also commended the European Union's support for the Abidjan-Lagos Corridor under its Global Gateway strategy, noting that the project will improve transport connectivity, facilitate trade and strengthen economic integration across West Africa.
Held under the theme "Enhancing Sustainable Investment Together," the forum brought together policymakers, financial institutions, development partners and private-sector leaders to discuss ways of strengthening commercial partnerships and promoting private-sector-led growth. Participants stressed the importance of improved infrastructure, policy certainty, easier cross-border trade and increased investment in productive sectors.
The Nigeria-European Union Business Forum is the European Union's flagship annual platform for promoting trade and investment relations with Nigeria, providing governments and businesses with an avenue to identify investment opportunities, address trade barriers and deepen economic cooperation.
The discussions come as the federal government seeks to attract more foreign direct investment to support economic diversification, industrialisation and job creation. They also align with the implementation of the African Continental Free Trade Area and the ECOWAS Trade Liberalisation Scheme, both of which are advancing the free movement of goods and services across Africa.
The European Union remains one of Nigeria's largest trading partners and a major source of investment, development financing and technical support for infrastructure, digital transformation and sustainable development initiatives.
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