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Foreign Investment: EU-Nigeria Trade Hit €35bn In 2023 – Envoy
The European Union (EU), says it remains Nigeria’s largest trading partner, with a total trade of almost €35 billion in 2023, accounting for about one-third of Nigeria’s foreign investment.
Ms Samuela Isopi, the European Union Ambassador to Nigeria and ECOWAS, made this known in Abuja, yesterday, at the 9th Edition of the Nigeria-EU Business Forum 2024.
The Tide source reports that the theme for this year is “Investing in Jobs and Sustainable Future”.
According to Isopi, the 2024 edition of the forum is the first being held outside Lagos to highlight the importance of the role of the government in supporting business, private sector and private investments as drivers for inclusive and sustainable economic development.
He said, “The EU is by far Nigeria’s largest trading partner with a total trade of almost €35 billion last year, accounting for about one-third of Nigeria’s foreign trade, and a balance at more than 10 billion euros in favour of Nigeria.
“The European Union is also Nigeria’s biggest foreign investor with a stock estimated at €26 billion, representing one third of Nigeria’s FDI stock.
“In collaboration with our member states and with EUROCHAM Nigeria, the European Chamber of Commerce, we have carried out the first-ever mapping of EU companies present in Nigeria and the findings are quite extraordinary.
“More than 230 companies, from 18 EU member states are present in Nigeria with France, Germany and the Netherlands making up 60 per cent of the companies captured by the survey.”
Isopi also said that in the past, much of this investment used to go into the oil and gas sector, adding that today, the largest sector for EU companies operating in Nigeria was manufacturing, accounting for almost 20 per cent of total EU investments in Nigeria.
She said that this was followed by professional services, logistics and constructions while the extractive industries, oil and gas represented less than 10 per cent.
Isopi added that the EU companies had a turnover of four billion euros in the last fiscal year due to employment, through the creation of more than 130, 000 jobs and skill development with 6,000 Nigerians trained annually.
The Ambassador said that the EU and its member states was also a top development partner and the European Investment Bank was also increasingly active, with an important ongoing portfolio on innovation, renewable energies, and private sector development among others.
She said that if Nigeria reconsidered its position on the Economic Partnership Agreement (EPA), it would also open up full and immediate access to the EU market with more than 400 million consumers.
Isopi said the forum would focus on fostering concrete investments in Nigeria, in line with the Renewed Hope Agenda in economic openness and investment, agriculture, digitisation, health among others.
She commended the Central Bank of Nigeria”s decision to remove foreign exchange restrictions for the import of 43 items.
In the same vein, Ms Myriam Ferran, Deputy Director- General, Directorate for International Partnerships, European Commission, said that the EU resolution was to strengthen ties across the globe especially this period of global crisis.
“The Global Gateway Initiative is a strategy by the EU to invest in infrastructure projects worldwide; it is the European offer to support sustainable connectivity around the world looking at the best opportunities for further investments.
“Global Gateway is a tool box with a toolkit where you can find what is needed. We work a lot with the government to assist in implementing and improving the business environment,” she said
Similarly, Sen. Abubakar Bagudu, Minister of Budget and Economic Planning, said that the current administration was interested in encouraging investments and willing to do better in international trade.
Bagudu said that the EU concept was a model for the world and it showed that the world could do better when prosperity was shared, and commended the EU for its initiative and support to Nigeria.
“Nigeria has undertaken bold economic reforms most importantly in order to enable us to combat our reality which includes among others decades of under investment in every area of our national life.
“We are mindful that capital is out there. So what we need to do is to ensure policies that motivate capital funders with confidence to invest in our economy,” he said.
Meanwhile, Dr Dele Oye, President, Nigerian Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), said that the chamber was the biggest in Africa with more than 90 members.
Oye said that the chamber should therefore be contacted before any foreign direct investments.
He emphasised the need for the government to always carry the chamber along especially during international trips to negotiate better business deals.
Oye lamented the departure of some foreign companies from Nigeria and urged those still available to always dialogue with the chamber to seek ways to resolve their challenges rather than exiting the
The Economic and Financial Crimes Commission (EFCC) has indicted a new generation bank, six Fintechs and some microfinance banks in major financial scams by allowing fraudsters to launder huge sums of money.
Director of public Affairs of the Commission, Mr Wilson Uwujaren, made this known at a press briefing at the commission’s headquarters in Abuja, yesterday.
According to him, the compromised institutions allegedly allowed cryptocurrency transactions worth N162 billion to pass through without proper due diligence within the 2024/2025 financial year.
He said that the financial institutions clearly compromised banking procedures and allowed the fraudsters to safely change their ill-gotten gains into digital assets and move them to safe destinations.
“A total sum of N18.1 billion was moved through the financial system without due diligence of customers by the banks.
“It is worrisome that investigations by the commission showed that cryptocurrency transactions to the tune of N162 billion passed through a new generation bank without any due diligence.
“Investigations showed that a single customer maintained 960 accounts in another new bank and all the accounts were used for fraudulent purposes.
“That is bad news but the good news is that following our intervention the commission has been able to recover N33.62 million, which has been returned to some of the victims.”
He explained that the scams were in two categories, adding that the first was a syndicate of fraudsters that employed an airline discount scheme to lure their victims.
He said that they advertised a discount system for the purchase of flight tickets of a particular foreign carrier.
“The payment module is designed in such a way that the victims’ payment is actually made into the account of the airline.
“After payment is made the passenger’s entire funds in his bank account are emptied.
“Investigations showed that more than 700 victims have been scammed so far, with a loss of N651 million,” he said.
According to him, investigations show that the scheme is being masterminded by a foreign national; the commission has so far recovered and released N33 million to victims of the fraud.
He said that another scheme involved a company named Fred and Farid Investment Limited, simply called FF investment, which lured Nigerians into a bogus investment arrangement.
“More than 200, 000 victims have been defrauded in this regard. A total sum of N18 billion was raked in through nine companies offering diverse investment packages.
“The companies are: Credio Banco Limited; Deliberty Rock Limited; Liam Chumeks Global Service; Ngwuoke Daniels Technology; and Icons Autos and Import Merchant.
“Others are : Newpace Technology Services Limited, Primepath Ways Ventures Limited, Kaka Synergy Network Limited and Sunlight Tech Hub Services Limited.”
He said that foreign nationals were behind the schemes, while there are three Nigerian accomplices who have been arrested and charged to court.
He said that the masterminds were on the run and efforts are being made to bring them to book.
“The Commission is calling on regulatory bodies to bring financial institutions to compulsory compliance with regulations in the areas of Know Your Customers (KYC), Customer Due Diligence (CDD), Suspicious Transaction Reports (STRs) and others.
“Deposit Money Banks, Fintechs, Micro Finance Banks found to be aiding and abetting fraudsters should be suspended and referred to the EFCC for thorough investigation and possible prosecution.
“Negligence and failure to monitor suspicious and structured transactions by banks should no longer be allowed,” he said.
While cautioning members of the public to be wary of these actors, he said that the EFCC would continue its works against money laundering by fraudulent actors.
Uwujaren urged financial institutions to firm up their operational dynamics and save the nation leakages and compromises bleeding the economy.
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