EU will improve relations with Nigeria and countries on energy transition

African Energy

Nigeria, Mozambique, Angola, and Senegal will receive priority attention from the European Union (EU) in its effort to hasten the transformation of the continent’s energy supply to renewable sources.

At a press conference to announce the eighth EU Business Forum, which will take place from June 30 to July 1, 2022, EU Ambassador to Nigeria Samuela Isopi said that under the EU’s recently launched European External Strategy (EES), the EU is focusing on Nigeria and three other nations by diversifying suppliers and accelerating the switch to renewable energy sources.

Isopi said that in order to hasten the energy transition process, its member states have already made contact with these nations.

To increase gas supply to Europe, she gave the Nigerian government the responsibility of addressing its infrastructural and security issues.

“We believe that Nigeria has a great chance. Nigeria currently has a great chance due to the current global position, but we must also solve the difficulties, she suggested.

She claimed that the EU union, with around €28 billion in 2021, will be by far Nigeria’s greatest trading partner. With a trade balance of €6 billion, she said that this will be in Nigeria’s favor.

She added that the oil and gas industry makes up the majority of commerce and that 20% of Nigeria’s trade with the rest of the world is with Europe.

“We are attempting to further develop this agenda. The Nigerian government and the European Union are currently talking about ways to strengthen their economic ties, she noted.

She emphasized that the European Union is Nigeria’s largest investor and stated that efforts are being made to measure and quantify the EU’s contribution to Nigeria’s economic growth in terms of jobs created.

She asserted that one strategy for reducing migration is to provide young people with employment possibilities, adding that a nation like Nigeria needs to diversify its economy away from oil in order to encourage backward integration and increase domestic output.

“Our conversation with the Nigerian administration regarding migratory issues is progressing well. Additionally, a delegation from Brussels is anticipated to address immigration, she continued.

The Team Leader for the Green and Digital Economy, Ms. Inga Stefanowicz, also spoke, stating that the EU would collaborate with the private sector to develop SMEs and foster job prospects under its new program and budget for the years 2021–2027.

As part of the Team Europe programs, she continued, “We are also aiming for development of agriculture value chains in horticulture, aquaculture, and cattle development.”

According to her, Team Europe is a recent initiative of the EU to collaborate more closely and in a manner that is more organized to develop synergies of its impacts in many continents around the world.

According to Mr. John Taylor, Trade Counsellor for the EU Delegation to Nigeria and ECOWAS, the business forum has provided a significant forum for European and Nigerian businesses to interact with the Nigerian government in an effort to improve the business climate.

The event this year, with the title “Nigeria and the New Economy,” will concentrate on three important areas: the Nigerian government’s goal of backward integration; chances to enhance gas exports to Europe; and new agricultural initiatives.

“Although these industries are not new, they nonetheless have a lot of unrealized promise. Discussions at the 8th EU-Nigeria Business Forum will focus on determining the reasons behind these obstacles and investigating how to seize these opportunities for the joint benefit of Nigeria and Europe, he emphasized.

The EU-Nigeria business summit this year will aim to pinpoint and address the obstacles that prevent new investors from entering Nigeria’s economy and hinder existing ones from doing so.

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