The European Union (EU) has announced plans to bolster its economic ties with Nigeria, prioritizing investment, trade, job creation, and addressing humanitarian needs.
The European Union (EU) has pledged to strengthen its economic partnership with Nigeria , focusing on key areas such as investment, trade, and job creation . This was announced by Gautier Mignot, the new EU Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), during a press conference in Lagos. To achieve this goal, the EU plans to improve the structure of its economic relations with Nigeria and remove obstacles that hinder investment and trade.
Mignot highlighted the EU's intention to implement the Global Gateway investment agenda, which prioritizes job creation and opportunities for young Nigerians in sectors like green economy, digital, agri-food, and health. This agenda is the EU's new investment strategy aimed at connecting people and accelerating green, digital, and inclusive transition in partner countries like Nigeria. \The EU recognizes the importance of accelerating Nigeria's industrialization and maximizing opportunities for local added value and job creation. With the Global Gateway Investment Strategy, the EU focuses on sectors crucial for the transformation and diversification of the Nigerian economy, including energy, digital economy, agriculture, and food security. Some flagship projects under the Global Gateway include Omi Eko (Lagos waterway transport), development of the renewable energy sector (solar, small hydropower), production of vaccines (MAV+), Erasmus+ and Horizon programs. \Mr. Mignot also emphasized the EU's commitment to addressing the unique development challenges in Northern Nigeria. With a cooperation budget of €731 million in grants for 2021-2027, the EU aims to support sustainable development, reduce poverty, and enhance access to basic services in the region. These grants will be used to support initiatives such as emergency food assistance, health, protection, and shelter for displaced people and victims of conflict. The EU acknowledges the importance of solidarity and remains committed to partnering with the government of Nigeria in assisting people affected by conflict and violence, as well as natural disasters. Together with its Member States, the EU is one of the main humanitarian donors in Nigeria, providing assistance that saves countless lives every day. The EU also expressed its eagerness to partner with Nigeria to address the complex issues surrounding migration. This partnership aims to cover all aspects of migration, including smuggling and trafficking of human beings, working with diasporas, pathways, readmission, and reintegration of migrants. The readmission agreement is considered a key aspect of this partnership, paving the way for a more comprehensive global partnership
International Relations EU Nigeria Economic Partnership Global Gateway Investment Trade Job Creation Humanitarian Aid Migration
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wale Edun, Amina Mohammed meet to strengthen Nigeria-UN collaboration for economic growthWale Edun, minister of finance and coordinating minister of the economy, met with Amina Mohammed, United Nations (UN) deputy secretary-general (DSG), to strengthen Nigeria and UN collaboration for economic development.
Read more »
Nigeria and China Strengthen Ties in High-Level MeetingNigerian Foreign Minister Yusuf Tuggar met with Chinese Foreign Minister Wang Yi to discuss strengthening bilateral relations and cooperation in key areas.
Read more »
Nigeria to Review Child Rights Act to Strengthen ProtectionThe Minister of Women Affairs, Imaan Sulaiman-Ibrahim, announced plans to review the 2003 Child Rights Act (CRA) to enhance child protection and development. This review follows a directive from the first lady, Oluremi Tinubu, and will encompass adoption protocols, orphanage certification, and other aspects to ensure the safety and well-being of Nigerian children.
Read more »
Nigeria Struggles with Sanitation Despite Progress, President Pledges Support for Energy DevelopmentThis article highlights the ongoing sanitation challenges in Nigeria, despite achieving open defecation-free status in one state. It also details President Tinubu's commitment to supporting energy development, particularly focusing on the Anambra Basin's potential.
Read more »
Nigeria's Economic Growth Projected at 3.76% in 2024Despite a mixed impact from President Bola Tinubu's economic reforms, Nigeria's GDP growth is projected to reach 3.76% in 2024, exceeding initial forecasts by the IMF and World Bank. The strong performance of the service sector contributed to the 3.21% average growth rate in the first three quarters of 2023.
Read more »
Nigeria's Banking Sector Faces Turbulence Amidst Economic ReformsThis news article examines the challenges facing Nigeria's banking sector in 2024, marked by significant events like the tragic death of Herbert Wigwe, CEO of Access Holdings Plc, and the collapse of Heritage Bank. The article highlights the impact of these events, particularly on customers, and discusses the underlying issues of economic reforms and structural weaknesses within the financial system.
Read more »