Ms Cristina Modoran, the European Commission’s Trade and Economic Manager for West Africa, on Wednesday advised the Nigerian Government to reconsider signing the Economic Partnership Agreements (EPA).

Modoran gave the advice in Lagos at the Breakfast Meeting organised by the Nigerian-Belgian Chamber of Commerce (NB) and the Nigerian-Belgian Commercial Information and Documentation Centre (NBCIDC).

The EU official said that it was imperative for Nigeria to sign the agreement that had so far benefited many countries, including Morocco and Bangladesh at the meeting entitled ‘Why Do Business With Europe?’

“The European Union (EU) remains the main partner for Nigeria’s export and import. And the EU is the largest market for African products more than other partners.

“The EU, also, is the main investor in Nigeria today, and there is still more EU investment in Nigeria.

“With the signing of the EPA, Nigeria has the opportunity to attract a much larger share than what she is getting today.”

Modoran said that the signing of the agreement would give Nigeria the opportunity to export her agricultural products duty-free and quota-free to the EU countries.

She said that Nigeria would also benefit from lower import prices, reduce production costs, as well as unlock new market opportunities for her products through compliance with EU standards and development clusters.

The Manager said that the EU was currently importing fish, prepared fish, frozen fish, meat, cocoa, butter and other agricultural products from Africa, which Nigeria had the opportunity of harnessing.

The Belgian Ambassador to Nigeria, Mr Stephane De Loecker, also advised Nigeria not to “isolate herself from important market opportunities,” because doing that would amount to “a historic mistake.”

Loecker listed why it was important to do business with Belgium to include the European internal market, good transport infrastructure and his country’s standards of production.

The Envoy also identified Belgium’s use of educated and skilled labour, as well as the qualities of the service industries, as good parameters for doing business with her.

The President of the Lagos Chamber of Commerce and Industry (LCCI), Chief Nike Akande, said that the decline in crude oil price had changed Nigeria’s development focus, adding that the country was taking steps to reduce reliance on oil.

According to her, Nigeria is currently focusing on the development of her infrastructure, to enhance the productivity of the non-oil sector.

“Time has come for EU investors to put lesser emphasis on risks and impediments in the Nigerian market and pay attention to uncommon opportunities and potential in the economy.

“I urge EU investors to scale up their risk appetites to take advantage of the opportunities that the Nigerian economy offers.”

Economic Partnership Agreements are a scheme to create a free trade area (FTA) between the European Union and the African, Caribbean and Pacific Group of States (ACP). (NAN)

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