A recent study conducted by Commercium Africa has unveiled that more than 230 European Union companies are presently operational in Nigeria, collectively contributing to over 130,000 job opportunities within the country.
Commissioned by the European Union, the report highlights the significant presence of these companies in Nigeria’s burgeoning economy, with 42 per cent of them establishing operations within the past decade, underscoring the nation’s economic allure and the escalating pace of European investment in Nigeria.
In addition to Nigeria emerging as a prime destination for European investments, the European Union stands as Nigeria’s leading trading partner by a substantial margin, with trade balances significantly favoring Nigeria. This latest study, marking the inaugural mapping of EU companies’ presence in Nigeria, further reveals that these companies injected over €2 billion into the Nigerian economy in the previous fiscal year, boasting a turnover of approximately €4 billion during that period.
The report indicates that a staggering 80 per cent of EU companies are headquartered in Lagos, Nigeria’s commercial hub, with manufacturing emerging as the predominant sector, encompassing 19 per cent of the over 230 firms. Furthermore, European companies are actively enriching Nigeria’s skilled workforce, having facilitated professional training opportunities for 6,000 of their employees, as highlighted in the report.
Ms. Samuela Isopi, the European Union Ambassador to Nigeria and ECOWAS, commended the footprint of EU businesses in Nigeria, emphasizing that the partnership transcends mere trade statistics. She remarked, “The extensive presence and contributions of EU companies in Nigeria underscore the European Union’s commitment to Nigeria’s growth. Our investments, job opportunities, and economic contributions reflect our dedication to fostering mutual prosperity. This inaugural mapping underscores the importance of our relationship and the potential for further collaboration across various sectors. We remain committed to collaborating with Nigeria for mutual benefit.”
Mr. Yann Gilbert, President of the European Business Chamber Nigeria (EuroCham), echoed similar sentiments, expressing satisfaction with the study’s findings, which he deemed impactful. “The results underscore the substantial and consistent contributions of EU companies to the Nigerian economy, highlighting their pivotal role in driving economic growth, job creation, human capital development, circular economy, and innovation across the Federal Republic of Nigeria. Moreover, the findings reaffirm the strengthening bilateral ties, emphasizing the positive collaborative spirit characterizing EU-Nigeria relations,” he affirmed.
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