EUROPEAN Union have called for faster visa processing, policy consistency and fewer business restrictions in Nigeria, arguing that such measures are critical to unlocking greater investment.

Speaking at the 10th Nigeria-European Union Business Forum, themed ‘Enhancing Sustainable Investment Together,’ EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, said that the union’s share of Nigeria’s foreign trade rose to 31 per cent last year, reinforcing its position as the country’s largest trading partner.
Mignot said Nigeria and the EU had agreed to elevate their bilateral relationship to a more strategic level, driven by a growing recognition of the vast untapped opportunities between both partners.

According to him, the forum marks a turning point in the relationship, coming as the EU accelerates the implementation of its Global Gateway initiative in Nigeria and expands investment support through institutions such as the European Investment Bank and the European Bank for Reconstruction and Development.

He said the partnership was evolving beyond traditional development cooperation towards greater emphasis on business, trade and private investment, adding that European investments were designed to create long-term impact through job creation, entrepreneurship, support for women and youth, and adherence to high environmental and labour standards.

The ambassador also highlighted ongoing EU support for regional integration, including trade corridors and infrastructure projects across West Africa, saying stronger connectivity would help Nigeria maximise opportunities under the African Continental Free Trade Area (AfCFTA).

President of Eurocham Nigeria, Yann Gilbert, said European companies remain active across virtually every sector of the Nigerian economy and are keen to expand their footprint despite prevailing challenges.

He identified improved infrastructure, information technology development and investment in human capital as critical factors needed to unlock Nigeria’s full economic potential.

The Eurocham president stressed that facilitating easier access to Nigeria for investors and businesses had become increasingly urgent, describing the country’s market size and economic opportunities as major attractions for European firms.

He said many European businesses view Nigeria as a strategic gateway to wider regional markets and expressed optimism that ongoing reforms would further strengthen investor confidence.
He explained that foreign investors require long-term policy certainty before committing capital, noting that most investments are planned over several years rather than short-term cycles.

“When a foreign company already has the money it wants to invest, it is not investing for one year or two years. Investors need clear visibility on the long term. They need confidence that policies will remain stable and predictable over the next three to four years,” he said.

According to him, sustainability and consistency in government policies are critical factors influencing investment decisions. He added that beyond policy stability, authorities must continue efforts to make doing business easier and remove administrative bottlenecks that discourage investors.
Gilbert identified travel procedures, taxation issues and work permit processes as areas requiring improvement, saying cumbersome requirements often create difficulties for European businesses seeking to establish or expand operations in Nigeria.

He noted that while significant progress had been made in improving the business environment, concerns about bureaucratic hurdles continued to create hesitation among some investors. He also called for improvements in visa processing between Nigeria and European countries, urging both sides to simplify procedures and make travel easier for business executives and investors.

“If I have one final request, it would be to improve the visa process between Nigeria and EU countries, making it smoother and faster in order to facilitate business and investment flows,” he added.

Representing the President of the ECOWAS Commission, Dr. Umar Touray, Director of Trade, ECOWAS, Mr. Kola Sofola, said sustainable investment had become increasingly important as governments and investors sought projects capable of withstanding political transitions and short-term market fluctuations.

He noted that regional integration initiatives, particularly the African Continental Free Trade Area, provide investors access to a market of more than 400 million consumers across West Africa and the continent.

“The relationship between Nigeria and the European Union has gradually shifted from development cooperation towards business and private-sector-led investment,” he said.

According to him, infrastructure development, trade facilitation, energy, manufacturing and the digital economy remain central pillars of cooperation between the two sides.

He singled out the EU-backed Abidjan-Lagos Corridor project as one of the most significant examples of sustainable transportation infrastructure aimed at improving trade, mobility and economic integration across West Africa.

Sofola also stressed the need for regulatory reforms, policy consistency and harmonised trade rules among ECOWAS member states, saying investors place a premium on predictability and efficient implementation of commitments.

Declaring the forum open on behalf of Lagos State Governor Babajide Sanwo-Olu, the Permanent Secretary of the Lagos State Ministry of Commerce, Trade and Investment, Mr. Babatunde Onibanjo, said the gathering had become an important platform for translating policy discussions into practical business outcomes.

“As Nigeria’s commercial and financial capital, Lagos continues to position itself as a hub for investment and economic growth,” he said.