EU Earmarks €6.5b Trade Development Grant For Nigeria

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The European Union (EU) is promised to provide financial trade-related development assistance for Nigeria’s growth and development, through a trade grant of about €6.5 billion for every four years, till 2035.

The EU Ambassador and Head of EU Delegation to Nigeria and ECOWAS, Mr. Michel Arrion, who disclosed this during a media luncheon to announce the 4th EU-Nigeria business forum, explained that the move was to demonstrate the union’s strong belief and confidence in the Nigerian market.

According to him, EU will be making strong commitments in terms of financial development assistance, and that its member states have all agreed to provide a minimum of €6.5 billion trade development assistance every four years till 2035.

Arrion assured that the EU will not invade the West African market with products that could compete with domestic products which Nigeria and other countries in the region would be producing, pointing out that the EU has removed all its export subsidies to the West African market.

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