On behalf of the EU, I would like to welcome the delegation of Nigeria, led by Ambassador Nura Abba Rimi, Permanent Secretary (Federal Ministry of Industry, Trade & Investment). I would like to thank today’s Discussant, H.E. Dr Athaliah Lesiba Molokomme, Botswana, for her introductory remarks.

Chair, as the most populous nation in Africa and one of its largest economies, Nigeria holds a unique position in both the regional and global trading systems. Its economic dynamism, young and growing population, and abundant resources give it a critical role in shaping the future of trade on the continent. Nigeria’s leadership within the Economic Community of West African States (ECOWAS) and the African Union (AU) reinforces its impact on policy directions, market integration efforts of the African Continental Free Trade Area (AfCFTA), and peace-building processes across Africa.

Nigeria is an important partner for the EU in Africa. We remain Nigeria’s main trade and investment partner, with a total trade in goods of 35 billion euros in 2023 – accounting for 28 percent of Nigeria’s total trade – and a foreign direct investment stock reaching 26 billion euros in 2022. Over 200 EU companies operate in Nigeria, having created more than 130.000 jobs. Importantly, the EU is the leading destination for Nigeria’s non-oil exports, facilitating the diversification of its economy.

The EU and its Member States actively support Nigeria in its efforts for sustainable development, with the EU alone having committed 731 million euros in 2021-2027 cooperation budget. This includes cooperation on sectors critical to economic diversification, local value creation, and industrialization, such as energy, digital economy, agriculture, and food security. In addition, the European Investment Bank has an active pipeline of up to 1.3 billion euros in ongoing operations in Nigeria.

Since the last TPR in 2017, Nigeria has faced many macroeconomic challenges, including a COVID-19 induced recession. The EU commends Nigeria on the reforms undertaken by its Central Bank to overcome these challenges, including the settlement of over 5 billion US dollars of due foreign exchange obligations, the removal of foreign exchange restrictions on the import of 43 items, and the unification of the exchange rate. The recent trade and investment policy announcements in Nigeria signal its openness to further integrating into the continental and global trading system and improving its investment climate.

In this context, I would like to focus on three key elements of a conducive trade and investment environment that would help Nigeria harness its enormous economic potential, support the diversification and industrialization of its economy, and enhance its integration into regional and global value chains, thereby promoting sustainable economic growth, job creation and poverty reduction. We have addressed these three elements in our written questions.

First, trade openness in line with and even beyond WTO rules, including import liberalization, equal treatment of foreign producers, trade facilitation, streamlined standards, and regulatory cooperation. This not only ensures cheaper inputs for Nigerian production, increasing the competitiveness of locally produced goods, diversifying trade, and supporting industrial development, but also cheaper and diversified goods and services for consumers. Thus, we believe that trade openness could contribute to the implementation of the Trade Policy of Nigeria 2023-2027, particularly the objectives on diversifying the export base, enhancing market access, increasing the competitiveness of the country's products and services, enhancing the linkages between trade and the industrial sector, and promoting trade facilitation.

Second, investment facilitation, which is also a component of the Nigerian Investment Policy aimed at promoting “responsible, inclusive, balanced, and sustainable investment”. In this regard, the EU welcomes Nigeria’s active and constructive participation in the WTO Investment Facilitation for Development Agreement. Investment facilitation focuses on practical, everyday measures necessary for the effective attraction, expansion, and retention of foreign direct investments. Transparency, predictability, and administrative efficiency are building blocks of a healthy investment climate and are consistently rated by investors as being among the most critical factors affecting their investment decisions.

Third, promoting the green and digital transition, given Nigeria’s objective of achieving carbon neutrality by 2060 and its status as an important digital player. While the green transition contributes to climate risk mitigation and new investment opportunities in renewable energy, green technology, and sustainable infrastructure, the digital transition is important for enhancing productivity and accessing global markets more easily. Trade and investment can play a key role in facilitating these transitions and reaping their benefits. In this context, we stress the importance of Nigeria’s participation in the Joint Statement Initiative on e-Commerce, which aims to facilitate cross-border electronic transactions, reduce barriers to digital trade, and foster innovation, ultimately benefiting its economy. On the green side, the EU strongly welcomes Nigeria’s ratification of the Fisheries Subsidies Agreement and invites Nigeria to join all plurilateral environmental initiatives.

In conclusion, the EU encourages Nigeria to deepen further its already active participation in the WTO and fully supports its ambition to leverage its enormous potential into sustained economic development. The EU is interested in strengthening trade and investment relations with Nigeria and closer cooperation at a bilateral, regional, and multilateral level.

Finally, I would like to acknowledge and appreciate the work and commitment of Ambassador Adamu Mohammed Abdulhamid to the work of the WTO. We are grateful for the leadership of Dr Ngozi, the most famous Nigerian in Geneva.

We look forward to a constructive exchange during Nigeria’s 6^th Trade Policy Review.