EU and ECOWAS Position Nigeria as Strategic €35bn Hub for West African Trade

​LAGOS — The European Union (EU) and the Economic Community of West African States (ECOWAS) have strongly positioned Nigeria as the definitive strategic gateway to regional and continental markets. They are urging global investors to capitalize on the country’s vast economic potential, which currently supports over €35 billion in annual trade.

​The high-level consensus was reached at the milestone 10th Nigeria-EU Business Forum held at the Wole Soyinka Centre for Culture and Creative Arts in Lagos. The flagship event gathered senior policymakers, development finance institutions, and private-sector leaders under the theme, “Enhancing Sustainable Investment Together.”

​A Strategic Economic Powerhouse

​In a video message delivered to the forum’s participants, Kaja Kallas, the High Representative of the EU for Foreign Affairs and Security Policy, reaffirmed that Nigeria remains an irreplaceable priority destination for European capital.

​“The choice to come to Nigeria was no coincidence,” Kallas stated, referencing the momentum from her recent strategic ministerial dialogues in the country. “Nigeria is an economic powerhouse on the African continent and an important partner for the European Union today.”

​Organizers noted that the swift orchestration of this year’s forum highlights an aggressive determination by both European and Nigerian stakeholders to deepen commercial ties. The EU currently accounts for 31% of Nigeria’s foreign trade and stands as the nation’s largest source of Foreign Direct Investment (FDI), commanding approximately €26 billion in existing stock and sustaining over 130,000 direct jobs across the federation.

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​Accessing 400 Million West African Consumers

​Speaking on behalf of Dr. Omar Touray, President of the ECOWAS Commission, the Director of Trade, Kolawole Sofola, explained that the true value of investing in Nigeria lies in its structural connectivity. Through the ECOWAS Trade Liberalisation Scheme (ETLS) and the African Continental Free Trade Area (AfCFTA), investors utilizing Lagos as a manufacturing or operational base gain seamless institutional access to a regional market of 400 million people, and a continental market exceeding 1.4 billion consumers.

​“I invite investors to regard Lagos not only as a destination but as a platform to a wider regional and continental market,” Sofola said. He urged businesses to target high-yield, transformative sectors including:

• ​Agro-processing and commercial manufacturing

• ​Renewable energy and climate resilience frameworks

• ​Digital infrastructure and technology innovation ecosystems

​Sofola also applauded the EU’s continued funding of critical regional infrastructure, particularly the multi-billion-dollar Abidjan-Lagos Corridor project driven by the EU’s Global Gateway strategy. This initiative is expected to drastically reduce cross-border friction, improve transport connectivity, and accelerate real economic integration across West Africa.

​Accelerating Private Capital and Policy Reforms

​Representing Vice President Kashim Shettima, the Director-General of the Presidential Enabling Business Environment Council (PEBEC), Princess Zahra Mustapha Audu, described the relationship as a deep economic alliance rather than a mere diplomatic engagement.

​To fully unlock the pipeline of incoming European capital, forum participants emphasized that the Federal Government must maintain policy certainty, streamline cross-border regulatory frameworks, and expand public-private partnerships (PPPs) for sustainable infrastructure.

​The entry of new institutional actors—including expanded operations from the European Investment Bank (EIB) and the commencement of the European Bank for Reconstruction and Development (EBRD) activities in Nigeria—signals a robust mechanism to scale up sustainable finance, green bonds, and blended finance instruments for the nation’s ongoing economic diversification.

​The event was captured on video, documenting the collaborative atmosphere and key addresses from both international and local delegates. You can review the strategic priorities discussed by watching the 10th Nigeria-EU Business Forum Stream, which provides the full opening sessions and panels exploring these key regional trade alignments.