The European Union delegation to Nigeria and ECOWAS launched the EU-Nigeria Agribusiness Platform on Tuesday, aiming to increase private investments in Nigeria’s agribusiness sector. This initiative is expected to play a significant role in reducing food insecurity and poverty, while fostering sustainable economic development in the country.
The platform is designed to enhance the exploration and exploitation of agribusiness opportunities between Nigeria and the EU, by establishing a network of active agribusiness members across both regions. It will function as a digital agricultural platform facilitating marketing, trading, and investment interactions between Nigerian and European SMEs in the agri-food system.
Deputy Director General Myriam Ferran of the European Commission’s Directorate of International Partnerships highlighted that the platform stems from commitments made during the November 2020 EU-Nigeria Ministerial Dialogue. The initiative aims to create structured dialogue between Nigerian and EU agricultural sectors to promote trade, attract responsible investment, and foster business linkages, particularly for SMEs.
Agriculture, contributing about a quarter of Nigeria’s GDP, is seen as crucial for the country’s sustainable economic growth. Successive Nigerian governments have been working to diversify the economy away from crude oil by rejuvenating the agricultural sector through various policies and programs.
Despite a trade volume of €24.6 billion in 2023—18.7% lower than in 2022—the EU remains Nigeria’s biggest trading partner. There is a recognized need to enhance non-oil trade between Nigeria and the EU to further bolster economic relations.
The EU-Nigeria Agribusiness Platform will be managed by Agribusiness Register Limited, a private sector entity familiar with the agribusiness ecosystem. This decision emerged from a stakeholders’ consultative meeting in April 2023. The platform will engage with agribusinesses, farmer groups, and other critical stakeholders, while fostering partnerships with EU implementing partners and relevant Nigerian government agencies such as the Federal Ministry of Agriculture, Federal Ministry of Industry Trade and Investment, Nigeria Export Promotion Council, Standards Organization of Nigeria, and the Ministry of Communication and Digital Economy.
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