- The EU reaffirmed its commitment to increase investment in Nigeria
- Officials described Nigeria as a gateway to West African markets
- The forum focused on trade, investment and regional economic growth
The European Union has reaffirmed its commitment to increasing investment in Nigeria and boosting regional trade, describing the country as a strategic gateway to a market of more than 400 million consumers across West Africa.
Eko Hot Blog reports that the pledge was made during the 10th Nigeria-European Union Business Forum held in Lagos, where government officials, business executives, investors and development partners from Nigeria and Europe discussed ways to deepen trade, attract investment and promote sustainable economic growth.
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In a video address, the European Union’s High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission, Kaja Kallas, described Nigeria as one of the EU’s most important partners in Africa and a key destination for European investment.
She said Nigeria’s economic strength and strategic position make it an attractive market for businesses seeking opportunities on the continent.
“The choice to come to Nigeria was no coincidence. Nigeria is an economic powerhouse in Africa and an important partner for the European Union,” Kallas said.
She encouraged European companies to explore investment opportunities in Nigeria, noting that the rapid organisation of the business forum after her recent visit reflected the determination of both sides to strengthen economic cooperation.
Speaking at the forum, the Director of Trade at the Economic Community of West African States Commission, Kolawole Sofola, said regional integration had opened significant opportunities for businesses looking to expand beyond Nigeria.
Representing the President of the ECOWAS Commission, Dr Omar Touray, Sofola explained that the ECOWAS Trade Liberalisation Scheme and the African Continental Free Trade Area provide investors with access to a regional market of more than 400 million people and a continental market exceeding 1.4 billion consumers.
He urged investors to see Lagos not only as a business destination but also as a gateway to the wider West African and African markets.
Sofola identified agro-processing, manufacturing, renewable energy, infrastructure and the digital economy as sectors with strong investment prospects, encouraging businesses to take advantage of Nigeria’s strategic location.
He also praised the European Union for supporting regional infrastructure projects, particularly the Abidjan–Lagos Corridor under the Global Gateway initiative, saying the project would improve transport networks, facilitate trade and strengthen economic integration across the region.
The forum, themed “Enhancing Sustainable Investment Together,” brought together policymakers, financial institutions, development agencies and private sector leaders to identify new investment opportunities and strengthen commercial partnerships.
Participants stressed the importance of improving infrastructure, ensuring policy stability, simplifying cross-border trade and increasing investment in productive sectors to unlock the full benefits of regional integration.
The Nigeria-European Union Business Forum remains the EU’s flagship platform for promoting trade and investment relations with Nigeria, serving as a meeting point for governments, investors and businesses seeking to expand economic cooperation.
The event comes as Nigeria intensifies efforts to attract more foreign direct investment to support industrialisation, economic diversification and job creation, while leveraging opportunities created by the African Continental Free Trade Area and the ECOWAS Trade Liberalisation Scheme to expand regional commerce.
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