Following a recent official visit to Nigeria, the European Union has moved rapidly to strengthen its commercial ties with Africa’s economic powerhouse, emphasizing a shared commitment to sustainable job creation and value-chain development. At the Nigeria-EU Business Forum, regional leaders pointed out that Nigeria’s trade relationship with the EU has steadily expanded, now reaching an annual trade volume of €35 billion alongside €26 billion in Foreign Direct Investment (FDI).
Speaking on behalf of ECOWAS Commission President Omar Alieu Touray, the Director of Trade, Kolawole Sofola, urged international investors to treat Lagos as a strategic springboard into broader African economies. He highlighted that under frameworks like the African Continental Free Trade Area (AfCFTA), operations based in Nigeria gain seamless access to a regional population of 400 million and a continental market of 1.4 billion people. Sofola noted that key growth sectors include agro-processing, manufacturing, digital innovation, and green energy—such as rail decarbonization. He specifically lauded the EU’s Global Gateway strategy for financing vital cross-border infrastructure like the Abidjan-Lagos Corridor to boost West African trade connectivity.
