Nigeria’s Trade Volume With Europe Hits €19.9bn

LAGOS SEPTEMBER 21ST (NEWSRANGERS)-The Head of Trade and Economic Sector of the European Union (EU), Mr. Filipo Amato has said that the multilateral trade between Nigeria and the EU member states stood at 19.9 billion Euros in 2016.
Speaking at the pre-event press briefing for the forthcoming EU-Nigeria Business Forum in Lagos, on Wednesday, Amato said the EU remains the top destination for oil and non-oil exports from Nigeria.
“Despite the significant effect of recession on Nigeria’s trade, EU-Nigeria trade remains strong, standing at €19.9 billion in 2016,” he told newsmen at the media parley.
According to him, the success of the Economic Recovery and Growth Plan (ERGP), launched by Nigeria, in February 2017 depended on active private sector participation just as he added that effective confidence building would inevitably attract investors to the country.
“On the other hand, creating jobs that will stimulate the economy and provide sustainable employment, particularly for young people, is crucial both for the present and future of Nigeria,” the EU envoy said.
Amato said the forthcoming forum would focus on the role of youths in information and communication technology (ICT) and agriculture, which he stated were key sectors to support the growth and diversification of the Nigeria economy.
The envoy said that it would also give business leaders and policy makers from EU and Nigeria a platform to explore business openings and how to increase investment.
“The forum will identify the key role of youths in digital economy and potentials of ICT in cross cutting themes and experiences shared from the EU. It will strengthen EU and Nigeria’s business relations through identification of opportunities in the agribusiness space in creating jobs, boosting exports and addressing local food security problems,” the envoy stated further.
The forum would also identify aspirations of young people, youth organisations and networks in view of the upcoming Africa-EU Summit, he said.

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