The European Union (EU) has intensified efforts to attract more investment to Nigeria, describing the country as Africa’s economic powerhouse and urging European businesses to take advantage of its vast commercial opportunities.

High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission, Kaja Kallas, who made the call at the 10th Nigeria-EU Business Forum in Lagos,  said Nigeria remains a strategic partner for the EU and one of the continent’s most attractive investment destinations.

The 10th Nigeria-EU Business Forum, themed “Enhancing Sustainable Investment Together,” brought together government officials, business leaders, investors, financial institutions and development partners to explore new business opportunities, strengthen commercial partnerships and advance sustainable economic growth.

“The choice to come to Nigeria was no coincidence. Nigeria is an economic powerhouse on the African continent and an important partner for the EU today”, Kallas said.

She urged European businesses to explore opportunities in Nigeria, describing the country as “an excellent destination for your investment.”

According to her, the speed with which the Business Forum was convened after her recent visit to Nigeria demonstrated the eagerness of both European and Nigerian businesses to deepen commercial partnerships.

Kallas said the EU was committed to supporting investments that create jobs, strengthen value chains and promote sustainable economic growth.

Also speaking at the forum, ECOWAS President, Omar Alieu Touray, said Nigeria offers investors access not only to its domestic market but also to the wider West African and continental economies.

Touray who was represented by the Director of Trade at the commission, Kolawole Sofola, noted that ECOWAS and the African Continental Free Trade Area provide a legal framework connecting businesses to a regional market of more than 400 million consumers and a continental market of over 1.4 billion people.

Sofola urged investors to regard Lagos as a gateway to regional and continental markets, highlighting investment opportunities in agro-processing, manufacturing, energy and the digital economy.

He commended the EU’s support for regional infrastructure and trade facilitation projects, including the Abidjan-Lagos Corridor under the Global Gateway strategy, saying such initiatives would enhance connectivity and stimulate cross-border trade.