Nigeria, EU commerce amounts 28.7b Euro

The European Union has revealed that the trade volume between the European bloc and Nigeria in 2021totaledd about a 28.7billion Euros.

EU’s Head of Delegation to Nigeria and Economic Community of West African States (ECOWAS), Ambassador Samuela Isopi, said the EU-Nigeria trade balance was in favor of Nigeria.

This is as the bloc’s import from Nigeria was in the region of 17 billion Euro while its export to Nigeria was around 11 billion Euro.

Isopi spoke in Abuja at a press conference ahead of this year’s Europe Day celebration coming up on the 9th of May, 2022.

She said, “The EU is Nigeria’s most important trading partner. We are the largest trading partner to Nigeria amounting to almost 21 percent of Nigeria’s trade with the world. 21 percent is quite big, it is one one-fifth of Nigeria’s trading volume with the rest of the world.

“The thing is that the statistics do not consider the EU as a bloc as it tends to consider separate countries but we see ourselves as a bloc, especially on trade and we are by far the first trading partner.

“The total EU, Nigeria trade volume in 2021, amounting to 28.7 billion Euro, it’s quite interesting with a country like Nigeria. EU imports from Nigeria amount to 17.5 billion Euro and EU exports to Nigeria amount to 11.2 billion Euro, which means that the trade balance which amounted to 6.4 billion Euro is in favor of Nigeria. So, Nigeria is benefitting from its economic and trade relations with the EU and this is a reality and this is why we believe that we will do well.”



Please enter your comment!
Please enter your name here