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Tuesday, 10 November 2015

Nigeria to Enhance Trade Surplus with EU

At the fourth EU-Nigeria Business Forum tagged: ‘Unlocking opportunities for diversification,’ Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Mr. Ajiya Mamman, said that Nigeria is seeking further diversification. With increased diversification of its economy, Nigeria aims to enhance the existing N5 trillion trade surplus it currently enjoys with the European Union (EU). Although the major export responsible for the surplus is crude oil, Nigeria’s annual export to the EU stands at around €30 billion compared to West Africa’s export which stands at around €38 billion. Mamman explained,  “EU-West Africa trade has surged over the last decade. West Africa is the EU’s largest trading partner in sub-Saharan Africa and EU is West Africa’s biggest trade partner. (…) West African export to the EU has increased by 280 %  while EU export to West Africa has also increased by 125 %” he said. Over the past five years, the EU has provided a €19 million in the form of grants through the National Planning Commission (NPC) to improve the country’s competitiveness for the non-oil diversification of the economy.

Source: thisdaylive.com