The European Union (EU) is playing a crucial role in advancing Nigeria’s renewable energy sector, according to Samuela Isopi, Head of the EU Delegation to Nigeria and the Economic Community of West African States (ECOWAS). Speaking at a cocktail event during the 9th Nigeria-EU Business Forum in Abuja, Isopi highlighted the EU’s significant involvement in Nigeria’s energy sector, particularly in renewable energy.
Isopi emphasized that renewable energy is the future and stated that the EU is one of the main partners and donors supporting critical projects in Nigeria’s energy sector. This includes the development of mini grids at the state level and support for major renewable energy companies.
“Europe is a leader in this sector, and Nigeria has huge potential. Nigeria has oil and gas, but it also has a lot of solar and wind resources. And that, for us, is the future. We know that Nigeria very much shares this vision,” Isopi said.
Regarding trade between the EU and Nigeria, Isopi revealed that it amounted to 35 billion euros in 2023, down from a record 45 billion euros in 2022. While oil and gas still constitute the majority of this trade, she noted that the trade balance is in favor of Nigeria, and there is a need for diversification.
“Of course, oil and gas still represent most of the trade, but it has to be diversified,” Isopi stated.
Isopi also mentioned that the EU has proposed measures to boost trade relations between its member countries and Nigeria. She noted the recent mapping of European companies in Nigeria, revealing that 250 companies responded to their survey, with 20 percent investing in manufacturing rather than focusing solely on oil and gas.
Myriam Ferran, the EU’s Deputy Director-General for International Partnerships, also spoke at the event, highlighting the positive feedback from previous editions of the Nigeria-EU Business Forum. She mentioned that this year’s forum will focus on climate-resilient agriculture, pharmaceuticals, vaccine manufacturing, and digitalization to enhance business relationships between EU and Nigerian companies.
Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Bagudu, commended the timing of the event, noting the evolving relationship between Nigeria and the EU. He mentioned the recent signing of the Samoa Agreement and the importance of sensitizing both the Nigerian public and private sectors about EU partnerships and the global gateway initiative.
“We have just signed the Samoa Agreement, so I felt it is a very good moment before the commencement of the Nigeria-EU business forum. We have sensitized the Nigerian public sector and private sector about EU partnerships, the global gateway, and the relationship with EU member nations, which is very important to us,” Bagudu stated.
