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EU firms in Nigeria create 130,000 jobs

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By Abiodun Okunloye

230 companies from the EU contribute significantly to the Nigerian economy.

According to a recently released report titled ‘2023 mapping of European Union Companies in Nigeria’ by Commercium Africa, an estimated 230 companies from the European Union (EU) are currently active in Nigeria, generating an impressive 130,000 employment opportunities within the country. This comprehensive report sheds light on these EU businesses’ significant contribution to the Nigerian economy and its people. It is worth noting that these companies represent 17 out of the 27 EU member states.

France has a total of 59 companies on the list, while Germany follows closely with 51. Spain is represented by six companies, Poland with three, and Sweden with 12. Finland has five companies listed, Italy has 17, Hungary has 2, and Greece has 3. The Czech Republic is represented by one company, and both the Netherlands and Belgium have 12 companies each. Ireland has 8 companies, Denmark has 3, Austria has 7, and Lithuania and Estonia are represented by one company each.

Nigeria entices European investments, a top choice for investors.

A survey commissioned by the European Union found that 42 percent of the enterprises had entered Nigeria within the past ten years. This highlights the country’s economic prospects and the escalating flow of investments from the European Union into Nigeria’s economy over recent years. According to the report, Nigeria attracts substantial European investments, making it a significant choice for European investors. Remarkably, the EU stands out as Nigeria’s principal trade ally, far surpassing other partners and boasting a trade balance that greatly favours Nigeria.

As stated in the report, the presence of EU companies in Nigeria has been thoroughly examined for the first time. Findings also reveal that about €2 billion was invested by EU companies into Nigeria’s economy during the previous fiscal year. Furthermore, these companies achieved a remarkable turnover of approximately €4 billion within the same period. Remarkably, Lagos, the commercial hub of Nigeria, hosts a significant majority of these EU companies, accounting for 80 per cent of their headquarters.

Ambassador from EU to Nigeria acknowledges the business’s positive impact.

Furthermore, the manufacturing industry is the largest among all sectors, representing an impressive 19 percent share out of the extensive pool of over 230 companies. The report highlights that European companies are actively enriching the Nigerian economy by offering professional training opportunities to 6,000 of their employees. Also, Ms. Samuela Isopi, the EU Ambassador to Nigeria and ECOWAS, warmly appreciates these findings and acknowledges the positive impact EU businesses are making in the nation.

Isopi remarked that as they explored the vast presence and valuable contributions made by the companies in Nigeria, it became clear that the European Union’s collaboration with Nigeria extended far beyond mere trade figures. The EU companies’ dedication to Nigeria’s progress can be seen through their investments, creation of employment opportunities, and significant economic participation. The initial representation emphasises the significance of their bond and the possibility of additional cooperation in diverse domains. Their commitment to partnering closely with Nigeria remains unwavering, aiming for shared success.

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Yann Gilbert, the President of the European Business Chamber Nigeria, Eurocham, commended the report for its significant influence. According to him, the findings demonstrate their businesses’ significant and steady impact on Nigeria’s economy throughout the years. This emphasises their crucial role in encouraging economic expansion, generating employment opportunities, nurturing human capital, promoting a circular economy, and spreading innovation across every corner of Nigeria. Additionally, the results affirm the continuous enhancement of the mutually beneficial relationship between the EU and Nigeria, highlighting the positive and cooperative nature that characterises their bond.

Related Link:

Commercium Africa: Website

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