About 230 European Union companies are currently active in Nigeria, accounting for over 130,000 jobs in Africa’s most populous nation.
This is contained in the report of a recent study by Commercium Africa titled ‘2023 mapping of European Union Companies in Nigeria’ and made available to our correspondent on Monday.
The companies that are currently operating in Nigeria, surveyed for this study, came from 17 of the 27 EU member states. They include France, 59 companies; Germany 51; Spain, six; Poland, three; Sweden, 12; Finland, five; Italy, 17; Hungary, two; Greece, three; Czech, one; Netherland, 12; Belgium, 12; Ireland, eight; Denmark, three; Austria, seven; Lithuania, one; Estonia, one;
The study commissioned by the European Union also revealed that 42 per cent of the companies arrived in Nigeria in the last decade, underscoring the country’s economic potential and the increasing tempo of investment from the European Union in Nigeria’s economy in recent years.
In addition to Nigeria being a major destination of choice for European investments, the European Union is the country’s largest trading partner by a wide margin, with a notable balance of trade in favour of Nigeria, according to the report.
The new study, which mapped out the presence of EU companies in Nigeria for the first time, showed that “EU companies invested over €2 billion into the Nigerian economy in the last fiscal year, reaching a turnover of about €4 billion during the period.”
According to the report, “four in every five, or 80 per cent of the EU companies are headquartered in Lagos, Nigeria’s commercial capital, with manufacturing being the largest individual sector and accounting for 19 per cent of over 230 firms.
“European companies are also contributing to the pool of skills in the Nigerian economy, having provided 6,000 of their employees with professional training opportunities, the report notes.”
Isopi stated “As we delve into the extensive presence and contributions of the EU companies in Nigeria, it becomes evident that the European Union’s partnership with Nigeria goes beyond trade figures.
“Our commitment to Nigeria’s growth is reflected in the investments, job opportunities, and economic contributions made by the EU companies.
“This first mapping highlights the importance of our relationship and the potential for further collaboration in various sectors. We remain dedicated to working hand in hand with Nigeria for mutual prosperity.”
The President of the European Business Chamber Nigeria, Yann Gilbert, described the report as impactful.
“The results illustrate the substantial and consistent contribution of EU companies to the Nigerian economy over the years, underlining the important role played in fostering economic growth, job creation, human capital development, circular economy and innovation spread all over the Federal Republic of Nigeria.
“Moreover, the results confirm the consistent strengthening of our bilateral ties, emphasising the positive collaborative spirit that defines EU-Nigeria relations,” he said. Punch.
