Nigeria-Europe Economic and Trade relations (Imports, Exports, Trade Volumes And Special Trade Interest)

The scope for improving trade relations between Nigeria and Europe is significant and constitutes a driver for development that TRADE NIGERIA
 - A Public-Private Joint Partnership with Government that engages the foremost political, business and other leaders of the society to shape global, regional trading agenda on Industries, Investments and Commerce recognize.
This is why it (TRADE NIGERIA) are committed to the negotiations of  comprehensive Economic Partnership Agreement through its high profile forum Nigeria-Europe Economic Forum.

Europe constitutes the most significant trade partner for the whole ECOWAS region. 

It remains the top destination for Nigeria's oil and non-oil exports with trade volumes at €39.6 billion in 2014. 

Nigeria is also a key beneficiary of EU Foreign Direct Investment (FDI) with FDI stock growing from €25.3 billion in 2011 to €29.6 billion in 2013.  

Nigeria accounts for around half of the EU exports to the region and nearly 70 per cent of the imports. 

Of course, oil takes the biggest share but the EU also attracts more than 50 per cent of the Nigerian non-oil exports and is a key partner, through trade and investments, in the industrialization of the country. 

Nigeria's top exports to Europe are oil and gas, cocoa and preparations, skins and leather, fish and crustaceans, oil seeds, rubber, copper, wood and wood charcoal. 

In 2015, Nigeria's imports from Europe accounted for 13 per cent of its total imports for the year. Nigeria's imports were dominated by machinery and transport equipment, refined fuel, food and live animals.

Economic analysis and performances indicators show in fact that despite oil and raw materials currently dominating the Nigerian economy, sustainable development (i.e. increase in income and jobs for the long run) will mainly come from the non-oil sector, agriculture, of course, but also manufacturing and services). 

Europe constitutes a major opportunity for expanding Nigerian non-oil exports because of cultural and geographic ties as well as the respective competitive advantages.

Europe's commitment to Nigeria's trade development can already be seen in the privileged access to the EU for Nigerian goods under the Generalized System of Preferences and in its Aid For Trade initiatives targeted both to Nigeria and the West African region as a whole.