Michael Olugbode in Abuja
Over 230 European Union (EU) companies are currently operating in Nigeria, accounting for over 130,000 jobs in the country, according to a recent study by Commercium Africa.
The study commissioned by the EU also showed that 42 per cent of the companies arrived in Nigeria in the last decade, underlining the country’s economic potential and the increasing tempo of investment from the European Union in Nigeria’s economy in recent years.
In addition to Nigeria being a major destination of choice for European investments, the EU is the country’s largest trading partner by a wide margin, with notable balance of trade in favour of Nigeria, the new report showed.
It, for the first time, mapped out the presence of EU companies in Nigeria. It showed that EU companies invested over €2 billion in the Nigerian economy in the last fiscal year, reaching a turnover of about €4 billion during the period.
According to the report, four in every five or 80 per cent of the EU companies are headquartered in Lagos, Nigeria’s commercial capital, with manufacturing being the largest individual sector, accounting for 19 per cent of the over 230 firms.
European companies are also contributing to the pool of skills in the Nigerian economy, having provided 6,000 of their employees with professional training opportunities, the report stated.
Welcoming the findings, the EU Ambassador to Nigeria and ECOWAS, Ms. Samuela Isopi, hailed the footprints of EU businesses in the country.
Isopi said, “As we delve into the extensive presence and contributions of the EU companies in Nigeria, it becomes evident that the European Union’s partnership with Nigeria goes beyond trade figures.
“Our commitment to Nigeria’s growth is reflected in the investments, job opportunities, and economic contributions made by the EU companies.
“This first mapping highlights the importance of our relationship and the potential for further collaboration in various sectors. We remain dedicated to working hand in hand with Nigeria for mutual prosperity.”
President of the European Business Chamber Nigeria (EuroCham), Mr. Yann Gilbert, expressed delight with the findings of the study, which he described as impactful.
Gilbert said, “The results illustrate the substantial and consistent contribution of EU companies to the Nigerian economy over the years, underlining the important role played in fostering economic growth, job creation, human capital development, circular economy and innovation spread all over the Federal Republic of Nigeria.”
He added, “Moreover, the results confirm the consistent strengthening of our bilateral ties, emphasising the positive collaborative spirit that defines EU-Nigeria relations.”
