EU gives conditions to support Nigeria’s economic diversification

The expectation that the European Union (EU) will assist Nigeria achieve faster diversification of its economy is hitting the rock, as some members have come up with a fresh condition to be met by the country.

Sources close to the Union said of the 27 EU members, only France, Italy and Bulgaria have accepted to unconditionally extend their imports from Nigeria on all other items including oil.

The rest have insisted that the country should imbibe the EU trade liberalization policy, which frowns on banning of imports from their member countries.

Known as European Partnership Agreement (EPA), which only Ghana, Ivory Coast and Togo in ECOWAS had so far ratified, between 2007 and 2015, Nigeria is said to have in principle accepted agreement but yet to sign it pending understanding al all stakeholders, especially indigenous manufacturers.

But it is said that a series of meetings between Minister of Agriculture, Audu Ogbe, and a delegation led by Head EU to Nigeria, Michel Arrio, in the early week of November 2016, showed a positive sign the Union will assist Nigeria fight its recession by patronizing its agricultural produce.

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He said with the strategic importance of Nigeria to Africa, Europe and rest of the world, EU’s commitment toward seeing early exit of the country from the recession was on the top agenda of the Union.

“Supporting Nigeria in her agricultural sector, especially now that there is evidence of its putting policy in place that will promote diversification of her economy is imperative objective of the member countries,” the envoy had assured Ogbe.

Though Arrio was said to have assured the minister of the support of member countries, the Union’s special committee on Trade and Investment, reportedly returned a report that until the embattled African leading economy rectifies the EPA, individual member-countries are to make the choice of assisting the country.

It was from the conviction of the interaction that the minster had stated that he would lead a delegation to EU headquarters in Brussels to put finishing touches to some of the understandings reached at the parley with the envoy.

But officials said there was no negative development from the organization indicating that the European countries would not live by their commitment to support Nigeria in its commitment to diversify the economy via agriculture.

 

 

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