Afrigather The economic system of the European Union (EU) includes about 449 million folks and 27 International locations. The European Union has the third largest economic system on the planet, accounting for one-sixth of worldwide commerce. The European Union operates as a single market of 27 international locations permitting the free motion of products, providers, capital, and other people.
The Nigerian economic system is Africa’s largest economic system with a gross home product of $472 billion (2024), and it has remained Africa’s largest economic system for probably the most half since 2014. Nigeria’s GDP is bigger than that of 19 International locations within the EU together with Denmark ($404 billion), Portugal ($287 Billion), and Finland ($300 billion), to say a number of. Nevertheless, contemplating the dimensions of Nigeria’s inhabitants of 233 Million folks, all financial indicators counsel that the Nigerian economic system must additional broaden because the GDP per capita stays comparatively low. Nigeria’s giant labour pool and shopper base provide appreciable potential for GDP progress. Of Nigeria’s $472 billion GDP, Agriculture accounts for 21.07 p.c, trade for 20.89 p.c, and providers for 58.04 p.c.
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Nigeria’s whole commerce with the European Union amounted to £45 billion in 2024. The overall commerce quantity between Nigeria and the EU has elevated through the years: about 20 billion euros in 2016, 26 billion euros in 2017, and 34.4 billion in 2018. The European Union stays Nigeria’s main commerce companion, accounting for over 20 p.c of Nigeria’s commerce with the world.
Commerce relations specifically are an important vessel to foster round economic system alternatives and help sustainable growth within the international south. Nigeria’s main exports to the EU embody Mineral merchandise, foodstuffs and drinks, pearls and treasured metals, vegetable merchandise, uncooked hides and skins, and saddlery. The EU and Nigeria have collaborated in essential sectors of the Nigerian economic system, together with infrastructure and energy, well being care, and others.
Towards this backdrop, Nigerian corporations can leverage alternatives in Europe and vice versa. Corporations can look into potential partnerships with European corporations, have interaction in export and import actions, and benefit from the enticing tax incentives, and ranging rules, throughout the EU member states. As well as, with sturdy hyperlinks in Europe, Nigerian corporations can entice financing for bankable tasks in Nigeria and throughout Africa, as there’s an growing variety of European non-public and public funds which are centered on Africa. Lastly, in having operations or linkages in Europe, Corporations can profit from the developed infrastructure, monetary establishments, and established authorized and regulatory framework which the area presents. Not forgetting additionally the sturdy presence of Nigerians within the Diaspora, and Europe has one of many largest concentrations of Nigerians within the Diaspora, with a rising community of main entrepreneurs and professionals.
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In current occasions, the growing fx inflation and slower financial progress in Nigeria has compelled numerous indigenous european corporations to halt their actions in Nigeria, and this void is more and more being crammed by companies owned by Nigerians within the Diaspora who see the scenario because the opportune second to enter the Nigerian market with their companies while not having numerous fx funding in comparison with what was obtainable earlier than the financial disaster. There may be now an elevated urge for food from European companies with some diaspora pursuits to put money into Nigeria, and this represents a chance for Nigerian companies to companion with, or present providers to such corporations, on a win-win foundation.
John Okoro is Co-Founder and President of Mates of Nigeria, a not-for-profit organisation headquartered in Paris. FON Europe is a number one Diaspora enterprise {and professional} community in Europe, with almost 1,000 members throughout France, Germany, and Belux. By 2026, FON Europe goals to broaden to 10,000 members throughout 10 international locations. It organises the Highlight Nigeria Enterprise and Funding Summit (seventh version) and the Nigerians in Diaspora Awards & Gala (2nd version).
