4 months ago
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The European Union (EU) has launched the EU-Nigeria Agribusiness Platform, targeted at increasing private investments in the country’s agribusiness sector.
A statement by the Press Office of the EU Delegation to Nigeria and the Economic Community of West African States (ECOWAS), said the initiative was launched on Tuesday in Abuja during the 9th edition of the EU-Nigeria Business Forum.
The initiative, according to the statement, will contribute to the reduction of food insecurity and poverty as well as the attainment of sustainable economic development in Nigeria.
It further noted that the EU-Nigeria Agribusiness Platform will contribute to boosting the exploration and exploitation of agribusiness opportunities between Nigeria and the EU through the establishment and maintenance of a network of active members of agribusinesses across Nigeria and the EU.
The EU-Nigeria Agribusiness Platform’s primary focus is to create linkages and interactions between Nigeria and EU agribusiness stakeholders especially among SMEs by promoting trade and investment between both sides.
Recall that the Deputy Director-General, Directorate of International Partnerships (INTPA), European Commission, Myriam Ferran, said the idea for an agribusiness platform stems from the commitments of the November 2020 EU-Nigeria Ministerial Dialogue.
In consultation with the government of Nigeria, it was decided to launch an EU-Nigeria Agri-business Platform between the Nigerian and EU farming and agri-food communities, agricultural and agro-industrial sectors to promote trade and attract responsible investment, and to foster business linkages, particularly for SMEs.
The statement noted that sustainable agriculture is a cornerstone for economic development and sustainable growth in Nigeria with the agricultural sector contributing around a quarter of the gross domestic product (GDP).
“Considering its importance, successive Nigerian governments have been striving to diversify the economy from its crude oil dependence by rejuvenating the agricultural sector through different agricultural policies and programmes in order to promote and propel the agricultural sector for enhanced productivity and increased agri-food commodity base.
“The volume of EU-Nigeria trade stood at €24.6bn in 2023 – 18.7% lower than 2022. The EU remains Nigeria’s biggest trading partner, first investor, top donor of humanitarian and development aid, and the biggest diplomatic network.
“EU-Nigeria trade relations favours Nigeria, with crude oil contributing the most of the imports from Nigeria. There is need to improve on non-oil trade between Nigeria and the European Union,“ the statement added.
A private sector entity conversant with the agribusiness ecosystem, Agribusiness Register Limited, will manage the EU-Nigeria Agribusiness Platform.
The idea of handing over the platform to a private sector-led entity working in partnership with public and private sector stakeholders came out during a stakeholders’ consultative meeting in April 2023.
Agribusiness Register Limited, owners and managers of the Nigeria Agribusiness Register, accordingly will work with, and engage with selected agribusinesses, farmer groups, aggregators and other critical stakeholders.
The statement added that the firm will also nurture partnership and collaboration with EU implementing partners in the relevant space of agriculture, digital and entrepreneurship on one hand and with relevant agencies of the government of Nigeria.
“In particular, it will work with the Federal Ministry of Agriculture, Federal Ministry of Industry Trade and Investment, Nigeria Export Promotion Council (NEPC), Standards Organisation of Nigeria and the Ministry of Communication and Digital Economy,” the statement added.
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