The Federal Government of Nigeria is working to strengthen its economic ties with the European Union with a €1.3 billion investment plan aimed at critical sectors such as infrastructure, green finance, and sustainable development.
The initiative was a central focus of discussions between Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the EU Ambassador to Nigeria, Gautier Mignot, during a high-level meeting in Abuja.
According to a statement from the Federal Ministry of Finance, released on Thursday via its official X (formerly Twitter) handle, the dialogue aimed to establish a structured trade and investment framework to enhance collaboration between Nigeria and the EU.
Ambassador Mignot reaffirmed the EU’s position as Nigeria’s largest trading partner and a major source of foreign direct investment, highlighting the bloc’s commitment to supporting Nigeria’s economic transformation.
“The meeting spotlighted the EU’s €1.3bn investment portfolio in Nigeria, recent engagement by the European Bank for Reconstruction and Development (EBRD), and the Global Gateway Investment Strategy aimed at deepening Africa-Europe economic ties,” the statement read in part.
Mignot emphasised the EU’s commitment to Nigeria’s development through focused investments in infrastructure modernisation, digital economy expansion, and energy transition, all critical sectors for long-term economic success.
Edun welcomed the EU’s proposal, reaffirming Nigeria’s dedication to fostering an investor-friendly environment.
He highlighted ongoing economic reforms such as fiscal consolidation, macroeconomic stabilization, and policies to improve the ease of doing business.
He mentioned Nigeria’s National Single Window trade help system, changes to tax policies, and efforts to draw in private investment as important plans for boosting the economy.
Nigeria’s economy is projected to grow by 4.6% by 2025, driven by ongoing reforms in both the oil and non-oil sectors, alongside strategic investments in agriculture, technology, and manufacturing.
Edun remarked that the EU’s suggested investments correspond with Nigeria’s strategy for economic diversification and its long-term development goals.
The discussions also covered major infrastructure projects, including the Trans-Saharan Gas Pipeline, which is expected to enhance Nigeria’s energy exports and promote regional integration.
Additionally, Nigeria is actively pursuing green finance solutions to support climate-resilient development and its transition to cleaner energy sources.
Both sides conveyed a positive outlook towards enhancing economic collaboration.
Edun emphasized Nigeria’s readiness to broaden alliances with the EU in sectors like digital advancements, agricultural industrial growth, and sustainable energy, highlighting that improved trade relations would boost economic development and draw in increased foreign investment.
With the European Union’s investment portfolio of €1.3 billion being essential to Nigeria’s economic change, various parties expect this partnership to provide substantial advantages for both areas.
As talks evolve, Nigeria is working to establish itself as a prime spot for global investment, strengthening its role as a major contributor to Africa’s economic growth.