EU-Nigeria Trade Volume Trade Volume Hits €24.6bn Amid 18.7% Drop

EU-Nigeria Trade Volume Reaches €24.6bn Despite 18.7% Drop From Previous Year

3 weeks ago
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EU-Nigeria Business Forum Reveals New Agribusiness Platform

Trade Volume Decline

The volume of trade between the European Union (EU) and Nigeria reached €24.6 billion in 2023,  despite 18.7% decrease from the previous year’s figures.

This information was disclosed by Miriam Ferran, the Deputy Director-General of the Directorate of International Partnerships (INTPA), at the European Commission, during the 9th Edition of the EU-Nigeria Business Forum in Abuja.

“The EU remains Nigeria’s biggest trading partner, first investor, top donor of humanitarian and development aid, and the biggest diplomatic network. EU-Nigeria trade relations favour Nigeria, with crude oil contributing the most to imports from Nigeria,” said Ferran.

Focus on Agribusiness

At the forum, the EU delegation to Nigeria and ECOWAS launched the EU-Nigeria Agribusiness Platform, aiming to enhance private investments in Nigeria’s agribusiness sector.

Ferran highlighted that the platform was developed in consultation with the Nigerian government to foster structured dialogue between Nigerian and EU farming and agri-food communities.

“It was decided to launch an EU-Nigeria Agribusiness Platform as a structured dialogue between Nigerian and EU farming and agri-food communities, agricultural and agro-industrial sectors to promote trade and attract responsible investment, and to foster business linkages, particularly for SMEs,” Ferran stated.

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Agribusiness Platform Management

Agribusiness Register Limited, a private sector entity experienced in the agribusiness ecosystem, will manage the platform. The organisation will collaborate with various stakeholders, including agribusinesses, farmer groups, aggregators, and EU implementing partners, to nurture partnerships and collaborations.

The platform’s management will work closely with Nigerian government agencies such as the Federal Ministry of Agriculture, the Federal Ministry of Industry Trade and Investment, the Nigeria Export Promotion Council (NEPC), the Standards Organization of Nigeria, and the Ministry of Communication and Digital Economy.

Aiming for Sustainable Growth

Ferran emphasized the importance of sustainable agriculture for Nigeria’s economic development, noting that the agricultural sector contributes around a quarter of the country’s gross domestic product (GDP).

She stressed the need to improve non-oil trade between Nigeria and the EU to diversify Nigeria’s economy from its crude oil dependence.

“Sustainable agriculture is a cornerstone for economic development and sustainable growth in Nigeria. Considering its importance, successive Nigerian governments have been striving to diversify the economy from its crude oil dependence by rejuvenating the agricultural sector through different agricultural policies and programmes in order to promote and propel the agricultural sector for enhanced productivity and increased agri-food commodity base,” Ferran explained.

Addressing Food Insecurity and Poverty

The EU-Nigeria Agribusiness Platform aims to reduce food insecurity and poverty while promoting sustainable economic development. It will facilitate the exploration and exploitation of agribusiness opportunities between Nigeria and the EU, establishing and maintaining a network of active agribusiness members across both regions.

“The initiative will contribute to the reduction of food insecurity and poverty as well as the attainment of sustainable economic development in Nigeria,” Ferran said.

Enhancing SME Participation

The primary focus of the platform is to create linkages and interactions between Nigerian and EU agribusiness stakeholders, particularly among small and medium-sized enterprises (SMEs). By promoting trade and investment, the platform seeks to boost economic ties and opportunities within the agribusiness sector.

The EU-Nigeria Agribusiness Platform is part of the commitments made during the November 2020 EU-Nigeria Ministerial Dialogue, highlighting the ongoing efforts to strengthen economic relations between the EU and Nigeria.


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Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.

Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.

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