ABUJA, Mar 24 – The federal Republic of Nigeria and the European Union have moved to strengthen economic and security cooperation, with the bloc unveiling a €290 million (N460.4 billion) investment package alongside renewed commitments to trade, investment and strategic collaboration.
The announcement came during the eighth Nigeria–EU Ministerial Dialogue in Abuja, where both sides outlined plans to expand engagement across key sectors including digital infrastructure, healthcare, agriculture and migration management.
European Union High Representative for Foreign Affairs and Security Policy, Kaja Kallas, said discussions with President Bola Tinubu and senior officials also focused on security cooperation, critical raw materials and cybersecurity. She noted that both parties see scope to scale up trade and investment ties amid rising global geopolitical pressures.
Under the Global Gateway initiative, €131 million has been allocated to Nigeria’s digital sector, including plans to roll out about 90,000 kilometres of fibre-optic cable to improve connectivity for an estimated 33 million people.
In the healthcare sector, the European Investment Bank’s development arm signed a €50 million financing agreement with the Bank of Industry to support local production of pharmaceuticals, vaccines and diagnostic equipment. The move is aimed at reducing import dependence and strengthening domestic manufacturing capacity.
Agriculture also received significant backing, with about €85 million committed to developing value chains, particularly in cocoa and dairy. At least 70 per cent of the financing will target these segments to improve productivity and support agribusinesses.
Additional funding includes €16 million for migration-related programmes, focusing on reintegration support and efforts to combat human trafficking.
European officials said the latest package brings total Team Europe commitments to Nigeria since 2025 to €962.5 million, while cumulative investments by the European Investment Bank in the country have exceeded €2.3 billion since 1978.
Category: Economy / International Trade
Tags: Nigeria, European Union, Investment, Trade, Digital Economy, Agriculture, Healthcare
