The European Union (EU) has reaffirmed its determination to increase investments in Nigeria while promoting stronger regional trade, describing the country as a key economic gateway with access to a market of over 400 million consumers across West Africa.
This commitment was highlighted during the 10th Nigeria-European Union Business Forum held in Lagos, where government officials from Nigeria and Europe, business executives, investors, and development partners met to discuss opportunities for trade, investment, and sustainable economic growth.
According to a statement issued on Saturday by the EU Delegation to Nigeria and ECOWAS, the forum focused on strengthening economic cooperation and attracting greater private sector investment.
Delivering a video message, the High Representative of the European Union 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 African partners and a preferred destination for European investment.
She noted that the decision to hold the forum in Nigeria reflected the country's growing economic importance.
"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," Kallas said.
She encouraged European investors to take advantage of the country's vast economic opportunities, describing Nigeria as an attractive destination for investment.
Kallas also stated that the speed with which the business forum was organised after her recent visit to Nigeria demonstrated the shared commitment of both European and Nigerian stakeholders to deepen commercial partnerships and unlock fresh investment opportunities.
Also speaking at the event, the Director of Trade at the Economic Community of West African States (ECOWAS) Commission, Kolawole Sofola, who represented the Commission's President, Dr Omar Touray, said regional economic integration had created significant opportunities for businesses seeking to expand beyond Nigeria.
He explained that the ECOWAS Trade Liberalisation Scheme (ETLS) and the African Continental Free Trade Area (AfCFTA) provide investors with access to a regional market of over 400 million people and a continental consumer base 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 enormous investment potential, urging investors to leverage Nigeria's strategic location to serve both regional and continental markets.
Sofola also commended the European Union for supporting regional infrastructure projects, particularly the Abidjan-Lagos Corridor under the Global Gateway Strategy, noting that the initiative would enhance 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 from both Nigeria and Europe to explore ways of expanding commercial partnerships and encouraging private sector-driven growth.
Participants stressed the importance of improving infrastructure, ensuring policy consistency, simplifying cross-border trade, and increasing investments in productive sectors to maximise the benefits of regional economic integration.
The Nigeria-European Union Business Forum remains the EU's flagship annual platform for promoting trade and investment relations with Nigeria. It serves as a meeting point for governments, investors, and businesses to identify investment opportunities, address trade barriers, and deepen economic cooperation.
DIP CONNECT ONLINE NEWS reports that the forum comes as Nigeria intensifies efforts to attract more foreign direct investment to drive economic diversification, industrialisation, and job creation. It also aligns with the implementation of the African Continental Free Trade Area (AfCFTA), which seeks to establish the world's largest free trade area by creating a single African market, while the ECOWAS Trade Liberalisation Scheme continues to facilitate the free movement of goods and services throughout West Africa.
The European Union remains one of Nigeria's largest trading partners and continues to play a significant role in providing investment, development financing, and technical support for infrastructure, digital transformation, and sustainable development projects.
ADEOLA KUNLE
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