EU Launches €300,000 Grant For Eurocham To Promote Trade, Investment

The European Union (EU), yesterday, launched Eurocham Nigeria Institutional Development Support amounting to €300!000 grants to promote trade and investment opportunities, strengthen Eurocham’s secretariat, expand advocacy, as well as enhance external engagement for its members.

The €300,000 three-year grant is part of the EU’s effort to support Eurocham to effectively fulfil its mandate and expand its membership base in Nigeria.

By reinforcing Eurocham’s role in advocacy and policy dialogue, the grant seeks to create a conducive business environment through strategic engagement with local governments, policymakers, and stakeholders.

Furthermore, through the grant, Eurocham will be able to promote trade and investment opportunities, benefitting both European and Nigerian economies, while aligning with the overall objective of reinforcing the EU’s role as Nigeria’s strategic partner.

The EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, who made this known in Lagos during Eurocham’s 25th Annual Stakeholders Conference yesterday, noted that the launch of the grant is a significant step in deepening EU-Nigeria trade relations.

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“A highlight of 2024 that I would like to underscore is the approval of a three-year grant to the tune of €300,000 which we awarded to Eurocham last year.

“This financial support will allow the Chamber to strengthen its Secretariat’s administrative capacity and allow for further expansion of external activities and advocacy work on behalf of its members,” he said.

Highlighting the readiness of the EU to deepen collaboration with Eurocham Nigeria, Mignot explained that strong governance, effective coordination with EU Member States, and collaboration with bilateral chambers are the hallmarks that he believes will enable Eurocham to continue to succeed.

He said: “By building on what has been achieved so far, we pave the way for even greater opportunities in key areas like trade, investment, and infrastructure development.

“It bears repeating that the EU remains Nigeria’s biggest trading partner by a large margin, as well as one of the main sources of foreign direct investments and development financing.”

Speaking on the EU Global Gateway Strategy, which is four-year grant to Nigeria and other African countries to enhance infrastructural development, with Nigeria set to feature prominently in the investment package, Mignot said: “In alignment with the EU Global Gateway Strategy, we look forward to greater visibility for transformative projects such as the Omi Eko water transportation initiative or the scaling up of our commitment to digital skills, e-governance, together with support to the deployment of 90,000 Km of fiber-optic cables across the country pursued by the government of Nigeria.

“Investments in the agricultural and renewable sectors, local manufacturing of vaccines, sustainable transportation are similarly important objectives for which we count on the Chamber to play an active role in identifying opportunities, aggregating investors, and advocating for a conducive business environment”