June 10, 2024
  1. 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

President Muhammadu Buhari

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

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.



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