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The trade volume between the European bloc and Nigeria in 2021 totalled about 28.7billion Euro in 2021.
European Union (EU)’s Head of Delegation to Nigeria and Economic Community of West African States, ECOWAS, Ambassador Samuela Isopi, yesterday said the EU-Nigeria trade balance was in favour of Nigeria as the bloc’s import from Nigeria was in the region of 17 billion Euro while its export to Nigeria was around 11 billion Euro.
Isopi spoke in Abuja at a press conference ahead of this year’s Europe Day celebration coming up on 9th of May, 2022.
She said, “The EU is Nigeria’s most important trading partner. We are the largest trading partner to Nigeria amounting to almost 21 per cent of Nigeria trade with the world. 21 per cent is quite big, it is one one-fifth of Nigeria’s trading volume with the rest of the world.
“The thing is that the statistics does not consider the EU as a bloc as it tends to consider separate countries but we see ourselves as a bloc, especially on trade and we are by far the first trading partner.
“The total EU, Nigeria trade volume in 2021, amounting to 28.7 billion Euro, it’s quite interesting with a country like Nigeria. EU imports from Nigeria amount to 17.5 billion Euro and EU exports to Nigeria amount to 11.2 billion Euro, which means that the trade balance which amounted to 6.4 billion Euro is in favour of Nigeria. So, Nigeria is benefitting from its economic and trade relations with the EU and this is a reality and this is why we believe that we will do well.
“For sure, we are one of the leading investors in Nigeria. We are mapping out the presence of European union investment in Nigeria. When I say European Union investment, what I mean is joint ventures, joint cooperation of investment between European companies and Nigerian companies. “