Nigeria’s trade exchange with the United Kingdom has grown to about €35 billion as of last year, accounting for about one-third of Nigeria’s foreign trade.
The country‘s trade balance with the UK stood at over €10 billion in favour of Nigeria. The European Union has commended Nigeria for offsetting the $850 million backlog of debt owed to foreign airlines.
The positive foreign trade outlook came just as the Dutch Entrepreneurial Development Bank (FMO) and Nigeria’s First City Monument Bank (FCMB) signed a $25 million NASIRA guarantee agreement. The guarantee will enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral, targeting a client group typically deemed too risky by banks.
More so, as part of the build-up to the economic engagement, the European Union and Eurocham Nigeria (the European Business Chamber) signed today a €300,000 grant agreement to support further development of the Chamber.
Speaking at the 9th edition of the Nigeria – EU Business Forum in Abuja on Tuesday, the EU Ambassador to Nigeria and the ECOWAS, Samuela Isopi, said that 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 – at over 10 billion euros in favour of Nigeria. EU is also Nigeria’s biggest foreign investor with a stock estimated at €26bn, representing one-third of Nigeria’s FDI stock.”
