Diplomats have called for stronger efforts to translate existing cooperation frameworks into concrete, bankable business projects, highlighting that challenges to EU-Nigeria trade relations range from information gaps, regulatory uncertainty and access to finance.

The call was made during a panel session focused on EU-Nigerian trade relations, at the Annual Conference and Expo of the European Business Chamber in Nigeria (Eurocham), themed ‘Europe-Nigeria Partnerships for Industrial Growth, Financial Innovation and Sustainable Development held in Lagos.

According to the Head, Foreign Trade Office in Nigeria at the Polish Investment and Trade Agency, Ms Justyna Sitarska, EU-Nigeria relations are supported by multiple trade, investment and cooperation frameworks, including policy dialogue, Global Gateway initiatives and bilateral engagements.

However, she noted that the key challenge was in converting the frameworks into actual business deals.

Sitarska identified information gaps about Nigeria, regulatory and tax unpredictability, and access to finance amid foreign exchange risks as major obstacles.

She said trade missions played a critical role in educating European and Nigerian partners to bridge perception gaps, often fuelled by negative media coverage.

Commercial Counsellor, Austrian Embassy, Ms Barbara Lehninger, said while macro-level frameworks were important, the real challenge was filling them with micro-level solutions that companies actually needed. She cited policy inconsistency as a source of uncertainty for businesses, referencing the introduction, suspension and reintroduction of a four per cent Free On Board (FOB) levy, which confused companies over compliance and cost calculations.

Consul General of Germany in Lagos, Mr Daniel Krull, urged European policymakers and businesses to view Africa as part of the solution to current global economic and geopolitical pressures. He identified the automotive industry as a key area for deeper cooperation, noting the scale of demand in Nigeria and across the African continent, and called for coordinated efforts to unlock productivity in the sector.

Policy Adviser for Economic Affairs and Public Diplomacy to the Consulate General of the Kingdom of the Netherlands in Lagos, Mr Opeyemi Oriniowo, said global efforts to diversify trade dependencies present significant opportunities for Africa and Nigeria.

Addressing the issue of market entry for European firms, Royal Danish Consulate General in Lagos, Ms Jette Bjerrum, said Danish companies typically approached Nigeria with a long-term strategy, acknowledging the need for patience and sustained investment.

Bjerrum identified market entry, security concerns, foreign exchange risks, procurement processes and legal frameworks as key areas where companies often face difficulties, particularly small and medium-sized enterprises that require more structured support.

Consul General of France to Lagos, Mr Laurent Favier, said French companies had maintained a long-standing presence in Nigeria across several sectors, employing about 16,000 Nigerians.

He described Nigeria as a strategic partner, but noted challenges such as visa processes, infrastructure, and the country’s international image.