9th Nigeria-EU Business Forum Holds in Abuja

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9th Nigeria-EU Business Forum Holds in Abuja

03.07.2024 Press and information team of the Delegation to NIGERIA

The 9^th Nigeria-EU Business Forum held in Abuja on July 2, 2024. Bringing together business leaders, policy makers and institutional stakeholders from both Nigeria and the EU, the Forum, as in previous editions, served as a platform to identify and explore opportunities along health, agriculture and digital economy value chains, with the aim to boost investment, job creation, economic growth prosperity.

© EU Del

The 9^th Nigeria-EU Business Forum held in Abuja on July 2, 2024. Bringing together business leaders, policy makers and institutional stakeholders from both Nigeria and the EU, the Forum, as in previous editions, served as a platform to identify and explore opportunities along health, agriculture and digital economy value chains, with the aim to boost investment, job creation, economic growth prosperity.

Hosting the event in Nigeria's capital city, Abuja for the first time, the EU Delegation to Nigeria and ECOWAS, organised the Forum in close coordination with EU Member States and the Federal Ministry of Industry, Trade and Investment. The theme for this year's Forum was "Investing in jobs and a sustainable future."

Deputy Director-General of INTPA, Myriam Ferran, and Nigeria's Minister of Budget and Economic Planning, Abubakar Bagudu, while declaring the Forum open, stressed the importance of international partnerships in promoting sustainable development. The Minister of Communication, Innovation and Digital Economy, Bosun Tijani and Minister of State for Agriculture and Rural Development, Aliyu Sabi Abdullahi, were also at the well-attended event. So also were Ambassadors of EU Member States. From Amsterdam came Ms. Ingrid Thijssen, President of the Confederation of Dutch Industry and Employers (VNO-NCW).

Welcoming participants to the Forum, EU Ambassador to Nigeria and ECOWAS, Samuela Isopi, underlined the premium placed on trade and sustainable investment by Nigeria's current administration, and noted that they are also at the centre of the partnership between the EU, its Member States and Nigeria.

"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," she said.

By moving the EU-Nigeria Business Forum, hitherto held in Nigeria's commercial capital Lagos, to Abuja, she said: "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 Business Forum, DDG Ferran signed three funding agreements on behalf of the EU, with the aim of deepening the EU's economic ties with Nigeria and creating jobs; boosting small and medium scale enterprises; and increasing investment in the agribusiness sector.

The first was a €300,000 grant agreement with Eurocham Nigeria (European Business Chamber) aimed at enhancing its capacity to serve its members better, promote European business interests in Nigeria, and contribute to the overall mutual economic growth and development. The second was a $25 million EU-funded NASIRA guarantee agreement between the Dutch entrepreneurial development bank FMO and Nigeria's First City Monument Bank (FCMB). The third was the funding agreement for the establishment and maintenance of the EU-Nigeria Agribusiness Platform a digital platform to boost investment in Nigeria's agribusiness sector.

The Forum targeted policy makers, the business community, entrepreneurs, investors and sectoral associations, among others.