Nigeria records €6b surplus through oil and gas sales
By Jeph Ajobaju, Chief Copy Editor
Nigeria had a surplus of €6 billion in its €28 billion trade with the European Union (EU) in 2021, a rare thing in trading with major economies even though oil and gas, Nigeria’s main exports, form the same bulk of deals with Europe.
EU Ambassador to Nigeria Samuela Isopi, who disclosed the figures in Abuja, said the EU is prioritising Nigeria, Mozambique, Angola, and Senegal to fast-track energy transition into renewables on the African continent.
“We think there is a huge opportunity for Nigeria. The current international situation is creating a huge opportunity for Nigeria, but we need to address the challenges,” she said.
Oil and gas represent the bulk of the trade between Nigeria and Europe, which accounts for 20 per cent of Nigeria’s trade with the rest of the world.
“This is an agenda that we are trying to develop further. Discussions are ongoing between the Nigerian government and the European Union on how to deepen economic relations,” Isopi added.
She reiterated that the EU is the main investor in Nigeria with ongoing plans to quantify and measure its contribution to Nigeria’s economy in terms of job creation.
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Job creation to reduce economic migration
One of the tools to reduce migration is to create economic opportunities for the youth, Isopi stressed, saying a country like Nigeria needs to diversify its economy away from oil to promote backward integration and boost local production.
“Our dialogue with the Nigerian government on migration issues is on course and getting better. We are also expecting a delegation from Brussels to discuss migration,” she disclosed, per The Guardian (Nigeria).
EU Green and Digital Economy Team Leader Inga Stefanowicz said under its new programme and budget for 2021-2027, the EU will work with the private sector to create jobs and grow small and medium sized enterprises (SMEs).
“We are also looking for development of agriculture value chains in horticulture, aquaculture and livestock development under the Team Europe initiatives,” she added.
Team Europe is a recent effort by the EU for better coordinated to produce synergies of its impacts on different continents.