EU, ECOWAS pitch Nigeria as gateway to 400m West African, 1.4b African consumer market

Representatives of the European Union (EU) and the Economic Community of West African States (ECOWAS) on Thursday jointly wooed investors with access to West Africa’s more than 400 million consumers and the African Continental Free Trade Area’s (AfCFTA) market of over 1.4 billion people, positioning Nigeria as the gateway to regional and continental trade and investment.

The message took centre stage at the 10th Nigeria-EU Business Forum, where leaders of the European Union and ECOWAS underscored Nigeria’s strategic economic position, highlighted opportunities to deepen trade and investment, and reaffirmed their commitment to sustainable economic growth through stronger commercial partnerships.

In a video message to participants, the High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission, Kaja Kallas, described Nigeria as “an economic powerhouse on the African continent” and reaffirmed its importance as a partner for the European Union.

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

Kallas encouraged European businesses to explore opportunities in Nigeria, describing the country as “an excellent destination for your investment.” She said the speed with which the Forum had been convened following her visit to Nigeria reflected the eagerness of both European and Nigerian businesses to deepen commercial partnerships.

Speaking on behalf of ECOWAS Commission President Dr Omar Alieu Touray, the Commission’s Director of Trade, Kolawole Sofola, said the Forum reflected a partnership that had evolved beyond trade in goods to support broader economic cooperation between Nigeria and the European Union.

He noted that ECOWAS and the AfCFTA provide a legal foundation for investment, connecting businesses to a regional market of more than 400 million consumers and a continental market of more than 1.4 billion people.

Sofola invited investors to “regard Lagos not only as a destination but as a platform to a wider regional and continental market,” highlighting opportunities in agro-processing, energy, the digital economy, and manufacturing.

He also welcomed the European Union’s support for regional infrastructure and trade facilitation, including the Abidjan-Lagos Corridor under the Global Gateway Strategy, describing it as a practical example of sustainable investment in action.

The 10th Nigeria-EU Business Forum brought together government leaders, European and Nigerian businesses, investors, development partners, and financial institutions to explore new business opportunities, strengthen commercial partnerships, and advance sustainable economic growth.

Held under the theme, “Enhancing Sustainable Investment Together,” the Forum reaffirmed the shared commitment of Nigeria, the European Union, and ECOWAS to deepen economic cooperation, unlock investment opportunities under the AfCFTA, and support private sector-led growth across West Africa and the African continent.