Post by Trade Coach on Sept 11, 2017 23:46:37 GMT 1
Starting from 2008, Nigeria would have received 1.4 billion pounds from the European Union (EU) in form of grants for critical projects in some key sectors of the country’s economy.
From this figure, the country had already received more than 750 million pounds between 2008 and 2014, while another phase of the grant estimated at 712 million pounds, which commenced since 2014, will end in 2020, averaging about 100 million pounds per year.
EU Ambassador to Nigeria and economic community of West African States, Michel Arrion, said although an average grant of 100 million pounds yearly to a country with more than 400 billion Gross Domestic Product is small, it is targeted at key issues that would stall wealth and job creation.
Meanwhile, in an exclusive chat with newsmen, the envoy said he never believed in Nigeria’s quest for exportation of food items to Europe, when it has a whole lot of market within its reach.
Citing the country’s population and neighboring African countries, which stand as a pool of growth opportunities, he said that Nigeria should focus on satisfying the local market as a way to gain competitive strength and comparative advantage.
Nigeria has comparative advantage in agriculture. But it is still on subsistence level. There are various untapped opportunities that can turn the sector into full commercial, for instance the textile business. The country has land to grow the cotton, it has the manpower and skills, there were various lines of products that can be on the offer. There is the population. Besides, there are value chains. We believe small businesses have opportunities too.
The EU is the top destination for oil and non-oil exports from Nigeria. In 20014 alone, Nigeria’s trade with EU stood at 39 billion pounds, representing 31 percent of the country’s total trade.
EU investment stock in Nigeria grew from 23.8 billion pounds in 2013 to 25.3 billion pounds in 2014.
From this figure, the country had already received more than 750 million pounds between 2008 and 2014, while another phase of the grant estimated at 712 million pounds, which commenced since 2014, will end in 2020, averaging about 100 million pounds per year.
EU Ambassador to Nigeria and economic community of West African States, Michel Arrion, said although an average grant of 100 million pounds yearly to a country with more than 400 billion Gross Domestic Product is small, it is targeted at key issues that would stall wealth and job creation.
Meanwhile, in an exclusive chat with newsmen, the envoy said he never believed in Nigeria’s quest for exportation of food items to Europe, when it has a whole lot of market within its reach.
Citing the country’s population and neighboring African countries, which stand as a pool of growth opportunities, he said that Nigeria should focus on satisfying the local market as a way to gain competitive strength and comparative advantage.
Nigeria has comparative advantage in agriculture. But it is still on subsistence level. There are various untapped opportunities that can turn the sector into full commercial, for instance the textile business. The country has land to grow the cotton, it has the manpower and skills, there were various lines of products that can be on the offer. There is the population. Besides, there are value chains. We believe small businesses have opportunities too.
The EU is the top destination for oil and non-oil exports from Nigeria. In 20014 alone, Nigeria’s trade with EU stood at 39 billion pounds, representing 31 percent of the country’s total trade.
EU investment stock in Nigeria grew from 23.8 billion pounds in 2013 to 25.3 billion pounds in 2014.
