The European Union on Thursday said Nigeria stands to benefit from its N1.4 trillion development funds for West Africa with her signing of the Economic Partnership Agreement.
EU’s Commissioner for Trade, Cecilia Malmstrom, stated this in Lagos at a two-day EU-Nigeria Business Forum with the theme: “Unlocking Opportunities for Diversification.”
The News Agency of Nigeria reports that while 16 West African countries had signed the EPA in 2014, Nigeria, Gambia and Mauritania were yet to sign the agreement.
Malmstrom said the EPA would contribute to President Muhammadu Buhari’s ongoing efforts at ending the activities of Boko Haram, fight against corruption and infrastructure development.
She said: “The EPA has a major contribution to make to these broader challenges of physical and virtual infrastructure development.
“But more immediately, the deal also includes a programme of development, cooperation funding for West Africa worth N1.4 trillion (6.5 billion euro).
“The fund will help Nigerian companies to meet international health, safety and environmental standards that are vital for access to world markets.”
The EU official also said the EPA would support the effort of the Nigerian Customs Service in streamlining its procedures at ensuring free movement across borders.
Malmstrom said it was imperative for Nigeria to urgently embark on diversification of her economy, especially now that there was a global fall in the prices of oil.
The Commissioner for Trade also said Nigeria’s deepening of her trade and investment with the EU would be a step in the right direction.
She said: “Our ties are already very close.
“Last year, our trade in goods came to almost 40 billion euro.
“But closer ties and deeper engagement will help us do more business, create jobs and drive our economies forward.”
Bassay Akpanyoung, Secretary to the National Planning Commission, also said economic diversification had “great potential” that would lead to the achievement of a long-term economic growth and development in Nigeria.
Akpanyoung, however, said it was imperative for government to promote good governance, as well as create the enabling environment for the nation’s economic diversification process.
According to him, Nigeria’s agriculture has the great potential to expand employment market given the nation’s good climate and vegetation.
NAN.