European diplomats have urged closer coordination between governments, businesses and development finance institutions to convert existing cooperation frameworks into concrete, bankable projects, warning that regulatory uncertainty, information gaps and limited access to finance continue to constrain Nigeria–EU trade relations.

The call was made during a panel on EU–Nigeria trade relations at the European Business Chamber in Nigeria (Eurocham) Annual Conference and Expo in Lagos, themed “Europe–Nigeria Partnerships for Industrial Growth, Financial Innovation and Sustainable Development.”

Head of the Foreign Trade Office in Nigeria at the Polish Investment and Trade Agency, Ms Justyna Sitarska, said while EU–Nigeria relations are supported by multiple policy, investment and cooperation frameworks — including Global Gateway initiatives and bilateral engagements — translating them into actual business deals remains a major challenge.

She identified limited market information, regulatory and tax unpredictability, foreign exchange risks and access to finance as key obstacles. Sitarska noted that well-structured trade missions help bridge perception gaps, often driven by negative media narratives, and enable European and Nigerian partners to better understand market realities.

According to her, successful projects require early collaboration among businesses, governments, investors and development finance institutions. She added that export credit agencies and development banks play a critical role in de-risking initial transactions, while sector-focused business-to-business engagements deliver better outcomes.

Commercial Counsellor at the Austrian Embassy, Ms Barbara Lehninger, said macro-level frameworks must be matched with practical, company-level solutions. She cited policy inconsistency as a recurring concern, referencing the introduction, suspension and reintroduction of the four per cent Free On Board (FOB) levy, which created compliance and cost uncertainties for businesses.

Consul General of Germany in Lagos, Mr Daniel Krull, said Africa — and Nigeria in particular — should be seen as part of the solution to global economic and geopolitical pressures. He identified the automotive sector as a key opportunity for deeper cooperation, noting strong demand across Nigeria and the wider African market.

Policy Adviser for Economic Affairs and Public Diplomacy at the Netherlands Consulate in Lagos, Mr Opeyemi Oriniowo, said global efforts to diversify trade dependencies present major opportunities for Nigeria. However, he noted that production constraints, scaling challenges and limited access to finance still prevent the country from fully benefiting from existing trade agreements.

Oriniowo said while investments are emerging in sectors such as energy, waste-to-energy, manufacturing, retail, and agriculture, these initiatives remain below Nigeria’s full trade potential with the EU.

Speaking on market entry challenges, Ms Jette Bjerrum of the Royal Danish Consulate General in Lagos said Danish companies typically adopt a long-term approach to Nigeria, backed by support from development finance institutions. She noted that security concerns, foreign exchange risks, procurement processes, legal frameworks and market entry barriers pose significant challenges, especially for small and medium-sized enterprises.

Consul General of France in Lagos, Mr Laurent Favier, said French companies have maintained a strong presence in Nigeria across several sectors, employing about 16,000 Nigerians. While describing Nigeria as a strategic partner, he identified visa processes, infrastructure gaps and international perception as key challenges.

Favier, however, acknowledged ongoing macroeconomic and currency reforms, describing them as positive signals for long-term investors and institutions considering deeper engagement with Nigeria.