The trade volume between the European Union and Nigeria has increased by 25.8 percent to peak at €28.7 billion in 2021.
The EU’s imports from Nigeria stood at €17.5bn, while its exports were valued at €11.2bn, with the trade balance at €6.4bn in favour of Nigeria.
The Head of the European Union Delegation to Nigeria and the Economic Community of West African States, Amb Samuela Isopi, disclosed these at a press briefing on Thursday, ahead of the Europe Day 2022 coming up on May 9.
She said the EU would continue to pursue with increased vigour its bilateral engagement and friendship with Nigeria, to deliver better and more results in their partnership.
The envoy affirmed that the EU is working with its member states, the European Investment Bank and other EU Development Finance Institutions in the implementation of the agreed priorities, as Team Europe.
Reeling out the gains of the union’s bilateral relations with Nigeria, she stated, “The EU remains Nigeria’s biggest trading partner, first investor, top donor of humanitarian and development aid, and the biggest diplomatic network. The volume of EU-Nigeria trade stood at €28.7bn in 2021 – a 25.8 per cent increase over that of 2020.
“The EU’s imports from Nigeria stood at €17.5bn, while its exports were valued at €11.2bn, with the trade balance at €6.4bn in favour of Nigeria. The EU is Nigeria’s most important trading partner accounting for 20.9 percent of Nigeria’s trade with the world