The European Business Chamber (Eurocham) has once again highlighted its dedication to fostering the growth and expansion of European businesses within Nigeria’s burgeoning economy. This was articulated during a high-profile cocktail dinner held over the weekend in Lagos, celebrating the conclusion of the European Month and the 75th anniversary of European integration.
The event attracted a distinguished gathering, including Lagos State Governor Babajide Sanwo-Olu, Commissioner for Commerce, Cooperatives, Trade and Investment Mrs. Folashade Ambrose-Medebem, Lagos State Secretary Barr. Abimbola Salu-Hundeyin, and the EU Ambassador to Nigeria and ECOWAS, His Excellency Gautier Mignot, among other key stakeholders.
In his keynote remarks, Eurocham President Yann Gibert emphasised the chamber’s critical role as a bridge linking European businesses to the dynamic and fast-growing Nigerian market. He stressed the Chamber’s ongoing commitment to supporting European enterprises in navigating Nigeria’s complex business environment, offering strategic guidance on legal, investment, and operational challenges.
“We are proud to be a bridge between European businesses and Nigeria’s vibrant market, and we remain committed to strengthening these economic and cultural ties,” Gibert said.
Highlighting the sectors of focus, he named agriculture, digital innovation, youth empowerment, and green energy as priority areas for Eurocham’s collaborative efforts with the European Union. These sectors, he noted, represent not only the foundation for sustainable growth but also critical opportunities for bilateral cooperation and investment.
The EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, used the occasion to reflect on the month-long festivities commemorating 75 years of European integration, marked by events in Abuja, Sokoto, Kano, and culminating in Lagos.
“The 75th anniversary of the Schuman Declaration, which laid the groundwork for European unity, was celebrated across Nigeria to underline our shared economic and cultural goals,” Mignot remarked.
He underscored the robust trade relationship between the EU and Nigeria, revealing that the European Union accounts for 28 percent of Nigeria’s foreign trade and nearly a third of the country’s total foreign direct investment (FDI).
“When others speak of declining European presence, these figures prove otherwise. Europe remains a leading trade and investment partner for Nigeria,” the ambassador declared.
Looking ahead, Mignot announced the planned opening of a European Bank for Reconstruction and Development (EBRD) office in Lagos by September. This strategic move aims to complement the ongoing efforts of the European Investment Bank (EIB), enhancing European financial engagement and support for Nigeria’s economic development projects.
Governor Babajide Sanwo-Olu took the opportunity to reaffirm Lagos State’s commitment to creating a conducive business environment for both local and international investors. He assured that the government would continue to prioritize security, infrastructure development, and investor-friendly policies to attract further investments.
“We will continue to make Lagos business-friendly, ensuring security, safeguarding life and property, and providing a welcoming environment for investments,” the governor stated. He also encouraged companies yet to establish operations in Lagos to seize the growing opportunities in Nigeria’s commercial hub.
As Nigeria aims to diversify its economy and boost industrialisation, partnerships like those promoted by Eurocham are crucial for sustainable growth. With increased focus on agriculture, technology, environmental sustainability, and youth engagement, European businesses are well-positioned to contribute significantly to Nigeria’s economic transformation.
Eurocham’s reaffirmation of its support aligns with Nigeria’s broader vision of economic diversification and foreign investment attraction, fostering a competitive and innovative market environment.
The collaboration between European business entities and Nigerian stakeholders represents a vital avenue for mutual economic benefits. With the planned establishment of new financial institutions and the Lagos State government’s continued support, the future holds promising prospects for deeper EU-Nigeria business relations.
This partnership not only advances trade and investment but also strengthens cultural and diplomatic ties, reinforcing the longstanding friendship between Europe and Nigeria.