Abuja solidified its position as a key hub for international business dialogue on July 2, 2024, as it played host to the highly anticipated 9th Nigeria-EU Business Forum. This significant gathering brought together a distinguished assembly of business leaders, influential policymakers, and key institutional stakeholders from both Nigeria and the European Union. Staying true to its established tradition, the Forum served as a vital platform for identifying and meticulously exploring burgeoning opportunities within the crucial value chains of health, agriculture, and the digital economy. The overarching aim remained clear: to significantly boost investment, stimulate job creation, and foster robust economic growth and shared prosperity for both Nigeria and the EU.
In a noteworthy move, the European Union Delegation to Nigeria and ECOWAS made the strategic decision to host this year’s Forum in Nigeria’s Federal Capital Territory, Abuja, for the very first time. This pivotal shift from the previous Lagos-based editions underscored the growing importance of Abuja as a central point for government engagement and policy influence in driving economic development. The Forum was meticulously organized in close collaboration with EU Member States and Nigeria’s Federal Ministry of Industry, Trade and Investment, with the timely and relevant theme: “Investing in jobs and a sustainable future.”
The official opening of the Forum saw powerful voices emphasizing the critical role of international partnerships in achieving sustainable development. Ms. Myriam Ferran, the Deputy Director-General of INTPA, and Nigeria’s Minister of Budget and Economic Planning, His Excellency Abubakar Bagudu, jointly underscored this vital point. The well-attended event also witnessed the presence of key Nigerian government officials, including the Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, and the Minister of State for Agriculture and Rural Development, Senator Aliyu Sabi Abdullahi, alongside esteemed Ambassadors from various EU Member States. Adding a significant business perspective from Europe was Ms. Ingrid Thijssen, the President of the Confederation of Dutch Industry and Employers (VNO-NCW), who travelled from Amsterdam to participate.
Welcoming the diverse array of participants to Abuja, the EU Ambassador to Nigeria and ECOWAS, Her Excellency Samuela Isopi, clearly articulated the high priority placed on trade and sustainable investment by Nigeria’s current administration. She emphasized that these crucial elements are also at the very core of the enduring partnership between the European Union, its Member States, and Nigeria.
Ambassador Isopi further highlighted the robust existing trade relationship between the EU and Nigeria, stating, “The European Union is by far Nigeria’s largest trading partner with a total trade of almost €35bn last year, accounting for about one-third of Nigeria’s foreign trade, and a balance of over €10 billion in favour of Nigeria.”
Explaining the strategic decision to move the EU-Nigeria Business Forum to Abuja, Ambassador Isopi stated, “We wanted to emphasise the relevance of this Forum as a platform for dialogue and engagement between the public and the private sector and highlight the importance of the role of the Government in support to business, to the private sector and to private investments, as a driver for a truly inclusive and sustainable economic development.”
On the sidelines of the high-level Business Forum, a significant step towards deepening economic ties was taken with the signing of three crucial funding agreements on behalf of the EU by DDG Ferran. These agreements are strategically aimed at creating much-needed jobs, providing a significant boost to small and medium-scale enterprises (SMEs), and substantially increasing investment within Nigeria’s promising agribusiness sector.
The first agreement was a €300,000 grant allocated to Eurocham Nigeria (the European Business Chamber). This funding is designed to enhance Eurocham’s capacity to better serve its members, actively promote European business interests within Nigeria, and contribute to the overall mutual economic growth and development of both regions.
The second key agreement involved a substantial $25 million EU-funded NASIRA guarantee. This agreement was established between the Dutch entrepreneurial development bank FMO and Nigeria’s First City Monument Bank (FCMB), aiming to de-risk lending and encourage greater financial support for Nigerian SMEs.
The third significant funding agreement focused on the establishment and ongoing maintenance of the EU-Nigeria Agribusiness Platform. This innovative digital platform is specifically designed to streamline information flow, connect stakeholders, and ultimately boost investment within Nigeria’s vast and crucial agribusiness sector.
The 9th Nigeria-EU Business Forum successfully targeted a wide range of key stakeholders, including policymakers from both sides, the vibrant business community, ambitious entrepreneurs, strategic investors, and influential sectoral associations. The successful hosting of this forum in Abuja underscores the city’s growing importance as a center for impactful economic discussions and its commitment to fostering international partnerships for sustainable growth and prosperity.
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