the two sides reached €28.7bn in 2021, with a view to delivering better and more results in their partnership.
Head of the EU Delegation to Nigeria and ECOWAS, Ambassador Samuela Isopi said the EU and Nigeria’s recent launch of a Joint Ministerial Roadmap and of a seven -year Multiannual Indicative Programme for Nigeria aimed to consolidate extant gains of the partnership, while underlining the EU’s commitment to long-term support aligned with its shared priorities, values and interests with Nigeria.
The EU is working with its Member States, the European Investment Bank and other EU Development Finance Institutions in the implementation of the agreed priorities, as Team Europe. ‘’The EU remains Nigeria’s biggest trading partner, first investor, top donor of humanitarian and development aid, and the biggest diplomatic network. The volume of EU-Nigeria trade stood at €28.7 billion in 2021 – 25.8 per cent increase over that of 2020. The EU’s imports from Nigeria stood at €17.5 billion, while its exports were valued at €11.2 billion, with the trade balance at €6.4 billion in favour of Nigeria.
‘’ The EU is Nigeria’s most important trading partner accounting for 20.9 per cent of Nigeria’s trade with the world. The EU is the first export destination for Nigeria, accounting for 25.4 per cent of its exports. The EU is second in Nigeria’s imports from the world accounting for 16.1 per cent of its total imports, ‘’ she said.