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Abuja, 02 October 2018
European and Nigerian business communities and policy makers will explore business opportunities and address bottlenecks to investments to accelerate diversification of the Nigerian economy during the 7th European Union (EU)-Nigeria Business Forum coming up in Lagos on 4th October, 2018. With the theme, "Building Partnerships for Growth and Job Creation", the Forum will take place at the Grand Ball Room of Eko Hotel, Victoria Island, Lagos. Governor Akinwumi Ambode of Lagos State will flag off the event, and about 400 participants are expected.
Since 2012, the EU-Nigerian Business Forum, jointly driven by the EU Delegation to Nigeria and the EU Member States, has served to address the obstacles affecting Nigeria's business environment. The platform has enabled robust engagement among European and Nigerian businesses with Nigerian and EU policy makers on how to attract investment into the economy.
At this year's event, specific sessions will address issues surrounding business climate; certainty of Government policies; enforcement of contracts to attract the much needed FDI as well as leveraging Innovative Financial Instruments to attract investments to Nigeria. There will also be a session to explore a strategy towards identifying the opportunities for Nigeria in the circular economy.
The 7th EU-Nigeria Business Forum is expected to raise awareness on the opportunities in Circular Economy; sensitize the private sector on Financial Instrument to support investments, including the opportunities in the External Investment Plan (EIP); improved business cooperation between EU and Nigeria businesses; and attract more investments in Nigeria
To further build on the relationship with EU companies in Nigeria, the EU Delegation, the EU Member States and the European companies active in Nigeria have established a European Business Organisation (EBO). The EBO Nigeria will represent the voice of European companies across various sectors of the economy, and ensure a high-level policy dialogue with Nigerian authorities and organised private sector, with the objective of improving the business and investment climate and fostering business and trade relations between the EU and Nigeria. The EBO will be launched during the Forum.
The EU is Nigeria's largest trading partner for oil and non-oil products with total trade at €25.3bn in 2017. EU Foreign Direct Investment (FDI) stock also stood at €39.6bn in 2016. The key to increased growth is hinged on ability of Nigeria to attract Foreign Direct Investment (FDI). However, statistics from UNCTAD show that Nigeria's FDI flows have been on a steady decrease from an all-time high of $8.9bn in 2011 to $3.5bn in 2017.
For further press inquiry, please contact: Modestus Chukwulaka, Delegation of the European Union to Nigeria, Abuja, on 09-4617800-7