Over 230 European Union Companies Presently Operating in Nigeria, Generate Over 130,000 Jobs – Report
A recent report by Commercium Africa reveals that over 230 European Union companies are presently operating in Nigeria, generating over 130,000 jobs within the country’s economy.
This study, commissioned by the European Union, highlights Nigeria’s economic potential and the increasing trend of EU investment in the nation over the past decade.
Notably, 42 percent of these companies have established their presence in Nigeria within the last ten years, reflecting the growing interest in Nigeria’s economic landscape. Additionally, the European Union stands as Nigeria’s largest trading partner, with a significant trade surplus in favor of Nigeria.
The study which comprehensively maps out the presence of EU companies in Nigeria, indicates that these firms injected over €2 billion into the Nigerian economy in the previous fiscal year, achieving a turnover of approximately €4 billion during this period. Lagos, Nigeria’s commercial hub, hosts 80 percent of these companies, with manufacturing emerging as the largest sector, representing 19 percent of the total EU firms.
Moreover, European companies are actively contributing to the enhancement of skills within the Nigerian workforce, offering professional training opportunities to around 6,000 employees, as highlighted in the report.
Speaking on the report, the European Union Ambassador to Nigeria and ECOWAS, Ms Samuela Isopi lauded the significant impact of EU businesses in the country.
She said,
“As we delve into the extensive presence and contributions of the EU companies in Nigeria, it becomes evident that the European Union’s partnership with Nigeria goes beyond trade figures. Our commitment to Nigeria’s growth is reflected in the investments, job opportunities, and economic contributions made by the EU companies. This first mapping highlights the importance of our relationship and the potential for further collaboration in various sectors. We remain dedicated to working hand in hand with Nigeria for mutual prosperity.”
Also speaking, the President of the European Business Chamber Nigeria (EuroCham), Mr Yann Gilbert, expressed delight with the findings of the study, which he described as impactful.
“The results illustrate the substantial and consistent contribution of EU companies to the Nigerian economy over the years, underlining the important role played in fostering economic growth, job creation, human capital development, circular economy and innovation spread all over the Federal Republic of Nigeria”, he said.
He added that, “Moreover, the results confirm the consistent strengthening of our bilateral ties, emphasizing the positive collaborative spirit that defines EU-Nigeria relations.”
