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Business Nigeria Awarded $514m Development Grant by French Agency



The French Agency for Development (AFD), a public development finance institution has recently approved €400 million as grant to finance transport and energy projects in Nigeria, the Country Director, AFD, Mr. Hubert Dognin stated at the European Union (EU)- Nigeria business forum held in Lagos.

According to him, the facility for Nigeria, under the infrastructure trust fund and the regional indicative program is an EU facility.

“At the regional level, we have €400 million available for transport and energy and at the national level, for the national indicative program, we have $150 available to finance the energy sector,” he added according to THISDAY.

Also commenting on the improved bilateral relationship trade between the EU and Nigeria, the EU Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Mr. Michael Arrion said: “EU Foreign Direct Investment (FDI) stock in Nigeria grew from €25.3 billion (N5.3trillion) in 2011 to €27.2 billion (N5.7 trillion) in 2012.

“The EU is also Nigeria’s most important trading partner. In 2013 alone total EU-Nigeria trade stood at €40.4 billion (N8.5trillion). EU imports from Nigeria were valued at €28.7 billion (N6trillion) while EU exports to Nigeria stood at €11.8 billion (N2.5trillion).”

“Though Nigeria maintains a positive trade balance with the EU, and the EU remains the biggest market for both oil and non-oil exports such as leather cocoa, sesame, it is imperative to address the EU- Nigeria relationship towards a more diversified composition and a strengthened ECOWAS regional market,” he added.

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