Lagos: With Africa on the brink of a demographic shift, the European Union (EU) is strengthening its relationship with Nigeria, Africa’s most populous nation. Nigeria, with a population exceeding 230 million and a median age of 18.1, presents a stark contrast to the European Union, where the average age is over 44. As Europe faces challenges related to ageing populations and labour shortages, Africa’s demographic boom becomes both a humanitarian priority and a geopolitical opportunity.
According to Global Voices, the EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, highlighted the EU’s Global Gateway strategy as a key component of their renewed alliance with Nigeria. This strategy focuses on sustainable development through strategic investments, aiming to leverage public development assistance to unlock private capital. The EU is working closely with member states and development finance institutions like the European Investment Bank and the European Bank for Reconstruction and Development, which is now extending its mandate to Nigeria. The strategy includes grants, loans, and guarantees to mitigate investment risks, targeting sectors with high impact potential such as the green and digital economies, renewable energy, and health.
Despite Nigeria not signing the Economic Partnership Agreement (EPA), the EU remains Nigeria’s largest trade and investment partner. The EPA is a trade and development deal offering duty-free, quota-free access to the EU market. Its ratification by Nigeria could significantly alter trade dynamics, although the EU respects Nigeria’s decision to hold back due to concerns over local industry protection and potential revenue losses. Nevertheless, Nigeria maintains a trade surplus with the EU, with most exports being oil and gas products exempt from tariffs.
The EU’s approach to competition in Nigeria and West Africa emphasizes transparency and respect for sovereignty. Unlike other international players, the EU does not impose conditional aid and ensures that projects align with national priorities, offering local, lasting impacts. The EU also prioritizes gender equality and youth empowerment in its projects.
Migration remains a pressing concern, with the EU focusing on a balanced approach that protects migrants’ rights and manages migration flows. The EU seeks to create legal migration pathways that include proper training and education, benefiting both international markets and local needs. This strategy aligns with Europe’s future workforce requirements as its population ages.
In 2023, bilateral trade between the EU and Nigeria reached EUR 35 billion, marking the EU as Nigeria’s largest trading partner. Amid political shifts in West Africa, Nigeria stands as the EU’s strongest foothold in the region, positioning itself as a crucial partner in navigating an uncertain future.