EU trade assistance to Nigeria hits 6.5b Euros
The First
Secretary, Delegation of the EU to Nigeria, Massimo De Luca, said the
volume of trade-related assistance to Nigeria hovers around 6.5 billion
Euros.
Mr. De Luca stated this in Lagos, on Sunday, during the EU Day at the ongoing Lagos International Trade Fair.
He said most of the
EU interventions were through the European Investment Bank (EIB), with
the cooperation of the Central Bank of Nigeria (CBN).
Mr. De Luca said
EIB made allocations through the CBN, which in turn allocates the funds
to key sectors that needed intervention.
“The EU volume of
trade ranges around 6.5 billion Euro to Nigeria. As a donor, EU is very
strict to ensure that the money it gives does not go into the wrong
pockets. That is why EU financial interventions are through many
agencies and other institutional actors. It has to be EIB to CBN, then
to specific sector,” he said.
Mr. De Luca said that the EU had been supporting Nigeria in the area of trade, good governance and security.
The First Secretary
said in the area of policy definition, EU had helped to strengthen the
institutional structures which had problems in keeping with the
challenges of making and implementing policies.
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