- The European Union(EU) has advocated for a sustainable development of a vibrant Nigerian economy which must be the new way
the country should conduct its business going forward. Ambassador of the European Union(EU) to Nigeria and ECOWAS, Ms. Samuela Isopi,
while speaking at the 8th Edition of EU-Nigeria Business Forum themed: ‘Nigeria and the New Economy,’ in Victoria Island, Lagos,
at the weekend,
said, countries that have been struggling to recover from Covid-19 pandemic now face
further challenges to food
and nutrition security, energy, commodities prices and public finances, even as unprovoked Russia!s invasion of Ukraine have directly generated negative
impacts on global economy of which Nigeria is not immune. In Nigeria, she said, the shockwaves are already being felt
on fuel, fertilizers and food prices as this has a disproportionate effects on the most vulnerable. The way forward, according
to her, has to be the sustainable development of a vibrant diversified economy, based on a business environment that is
attractive to investors. “Nigeria’s new economy is about finding a path through difficult terrain, identifying opportunities and offering a business-friendly
approach. Nigeria has great potentials in new fields of endeavour, but the new economy is also about putting forward innovative,
modern solutions to established sectors,” she pointed out.
Stressing that the EU remains the largest Investor in Nigeria and the
number one trade partner, accounting for 20 percent of the Nigeria’s trade with the world, she added that, despite the
global downturn in trade that is still being felt after Covid-19, EU-Nigeria trade in 2021 was €28.7 billion with a https://hausatiktok.com.ng/2022/05/28/ban-of-hijab-and-jalabiya-in-saudi-arabia/https://leadership.ng/dangote-cements-past-consumer-promo-winners-recount-gains/
significant trade balance of over €6 billion in favour of Nigeria. “Of course, the oil and gas sector dominates both experts and import
and the trade figures will change significantly, when the Dangote refinery comes fully online. Nevertheless, it does highlight a long-lasting
concern, namely, the country’s dependency on oil and the ever-increasing need to diversify,” she said. Similarly, the minister of State,
for Finance, Budget and National Planning, Prince Clem Agba, called for further diversification in other critical sectors such as
agriculture,
Nigeria In Need of Selfless Leaders – Shettima
oil and gas, culture and tourism to truly explore the full potentials in those sectors, which, he said, could be
revenue spinner for the country going forward. According to him, “Nigeria also has renewable energy opportunities. Integrated rural development is
critical to reduce the current urban migration.
The rural areas should be provided with several amenities needed for people to
be productive their, hence, will not need to migrate to cities that are already crowded. Mini grids need to be
in rural areas to attract investors into these areas.” Stating that the country’s export business is mainly driven by primary.
