The EU will continue to partner with Nigeria on investments

The European Union The Commission (EU) said on Tuesday that it would continue to work with Nigeria on trade opportunities, investment and other development issues. The Executive Vice President of the European Union (EU), Margrethe Vestager, assured this during a visit to the Honorable Minister of Industry, Trade and Investment, Adeniyi Adebayo, at the Old Federal Secretariat Complex in Abuja. Ms Vestager, who is completing her five-day working visit to Nigeria, reiterated the EU’s commitment to intensifying cooperation with Nigeria in the areas of agri-food, energy and infrastructure. According to Ms. Vestager, “I trust agriculture as it has the ability to create access to otherwise difficult trade channels.” He said that the EU was open to holding high-level talks with the Nigerian authorities with a view to identifying specific priorities that benefit citizens. “We are open to high-level talks with the Nigerian authorities to learn about specific areas of priority, especially regarding the industrialization of the nation. In the coming days, we hope to intensify the discussion that will lead to the signing of investment agreements with Nigeria that will facilitate industrialization. “We have a lot of discussion in Europe that governments should produce in areas where they think they have friends or next door neighbors, and the consensus is that Nigeria qualifies because of its scope for investment and ease of doing business.” Vestager said. The Vice President of the EU instructed the Nigerian authorities to strengthen their competition framework to encourage companies to offer consumer goods and services under the most favorable conditions, in a way that guarantees efficiency and innovation and reduced prices. Speaking during the meeting, the Minister of Industry, Trade and Investment, Adeniyi Adebayo, said that the focus of his ministry was the industrialization program with the overall goal of driving job-intensive growth of the Nigerian economy through industrialization. Mr. Adebayo said that the priority of the Ministry of Trade and Investment is the backward integration and domestication of key products such as sugar, cassava starch, oil palm, auto assembly and component manufacturing, cotton , textiles and clothing. “As I told you yesterday and as you have heard everywhere you have been, President Muhammadu Buhari has a goal of lifting 100 million Nigerians out of poverty in the next 10 years and we believe that can be achieved through industrialization. “So we have this policy of backward integration and the general idea is to domesticate our basic products like sugar, cassava starch, oil palm, auto assembly and component manufacturing, cotton, textiles and clothing. wear. The general idea is to be self-sufficient in these areas,” said Adebayo. He said there are opportunities within our Backward Integration Program (BIP) for investments in these commodities to increase production for local consumption and exports. Expanding on the nation’s trade policy, Mr. Adebayo said Nigeria was ready to participate effectively in the African Continental Free Trade Area (AfCFTA), on rules of origin, barriers techniques to trade monitoring capacity, the establishment of a trade remedy mechanism with a view to positioning Nigeria as a supply chain partner of the world’s leading economies. Mr. Adebayo said that Nigeria’s growing mobile penetration rate, targeted regulatory push to boost broadband penetration and financial inclusion combine to create the perfect recipe for a thriving fintech sector and adoption of digital solutions. to solve everyday problems. Speaking about the problems that justify the growth of Small and Medium Enterprises (SMEs), the Minister of State for Industry, Trade and Investment, Mariam Yelwaji Katagum, listed multiple taxes, high interest rates, inadequate working capital and stiff competition from larger companies as some of the challenges facing small businesses, but said the Federal Government was grappling with the challenges of trade reforms, overseen by the Presidential Enabling Business Environment Council (PEBEC) chaired by the Vice President Yemi Osinbajo. Ms. Katagum explained that there were areas of collaboration with multilateral and private sector financing of Special Economic Zones through public-private partnerships and greenfield development. “One area of ​​collaboration that is important is support for women’s businesses. I would like to know what the EU is doing about it. Others are the facilitation of credits for financing programs for Micro, Small and Medium Enterprises (MIPYMES) and access to markets for exports. “We will also need support to facilitate discussions and matchmaking on investment opportunities for large investors, as well as support to provide a best practice review and management/navigation of key commercial legislative reforms and ease of doing business reforms,” ​​said Ms. Katagum . Read More Related News Here Let here it in the comment below if you do have an opinion on this; The EU will continue to partner with Nigeria on investments