EU: There is high interest by European investors to Nigeria

The European Union (EU) announced that it was working with Nigeria to shop for 60 billion Euros investment flow into the giant West African economy, towards bridging the huge gap in business and infrastructure.

 

Ambassador of the EU to Nigeria and the Economic Community for West African States (ECOWAS), Michel Arrion, stated that to help Nigeria attain the massive leap in foreign investment inflow, the EU will be channelling most of the 600 million Euros earmarked for the country for the next five years, towards developing a favourable business environments in the various economics sectors, in order to make the country attractive to ready European investment.
 
According to him, “There is high interest being shown by serious European investors in the Nigerian economy because the size and growth rate of the economy is very good but the operating environment in most sectors need to be fine-tuned and that is what we will spend a good portion our budget addressing, so that this private funds can flow in from the EU into Nigeria”
 
According to him, the EU is currently implementing, together with Nigeria, a support strategy and also targeting health, nutrition and resilience, sustainable energy and access to electricity, as well as governance and rule of law. He stated that at regional levels, the EU’s support will focus on regional integration which will include regional infrastructure, resilience peace and security.
 
“In critical areas, such as trade-related infrastructure, electricity, health and nutrition, the EU is calling for a closer partnership with the private sector, in line with the conclusions of the 4th EU-Africa summit held in Brussels in April 2014 and the road map 2014-2017, which tasks the EU and African countries to promote private-sector led responsible investment,” he added.
 
He noted that Nigeria is no doubt central to the growth of the continent, adding that the economy has continued to grow at an average of seven per cent over the last 10 years attributing the growth to be driven by the non-oil sector of the economy. Furthermore, he said, the recent GDP rebasing exercise has propelled Nigeria to become the largest economy in Africa, maintaining that the Nigeria Stock Exchange (NSE) outperformed most capital markets in 2013.


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