EU launches digital platform to boost Nigeria’s agribusiness sector

The European Union (EU) has launched the EU-Nigeria Agribusiness Platform, which aims to increase private investment in the country’s agribusiness sector.

A statement from the Press Office of the EU Delegation to Nigeria and the Economic Community of West African States (ECOWAS) said the initiative was launched on Tuesday in Abuja during the 9th edition of the EU-Nigeria Business Forum.

According to the statement, the initiative will contribute to reducing food insecurity and poverty as well as achieving sustainable economic development in Nigeria.

It was further emphasised that the EU-Nigeria Agribusiness Platform will contribute to enhancing the exploration and exploitation of agribusiness opportunities between Nigeria and the EU by establishing and maintaining a network of active agribusiness members in Nigeria and the EU.

The primary objective of the EU-Nigeria Agribusiness Platform is to create linkages and interactions between agribusiness actors in Nigeria and the EU, especially SMEs, by promoting trade and investment between the two parties.

Recall that the Deputy Director General of the Directorate for International Partnerships (INTPA) of the European Commission, Myriam Ferran, said that the idea of ​​​​creating an agribusiness platform stems from the commitments made in the framework of the EU-Nigeria Ministerial Dialogue held in November 2020.

In agreement with the Nigerian Government, it was decided to launch an EU-Nigeria Agribusiness Platform, bringing together the Nigerian and EU farming and agri-food communities, agriculture and agro-food sectors, to promote trade, attract responsible investment and foster business linkages, especially for SMEs.

The statement said sustainable agriculture is the foundation of economic development and sustainable growth in Nigeria, with the agricultural sector accounting for about a quarter of the gross domestic product (GDP).

“Given the significance of this phenomenon, successive Nigerian governments have sought to diversify the economy away from its dependence on oil by revitalizing the agricultural sector through various agricultural policies and programmes to promote and propel the agricultural sector to increase productivity and enhance the agro-food product base.

“EU-Nigeria trade volume amounted to €24.6 billion in 2023 – 18.7% less than in 2022. The EU remains Nigeria’s largest trading partner, first investor, leading donor of humanitarian and development aid and the largest diplomatic network.

“EU-Nigeria trade relations are favourable to Nigeria, with crude oil accounting for the majority of Nigeria’s imports. There is a need to improve non-oil trade between Nigeria and the European Union,” the statement added.

A private sector entity, Agribusiness Register Limited, with expertise in the agribusiness ecosystem, will manage the EU-Nigeria Agribusiness Platform.

The idea of ​​handing over the platform to a private sector-led entity, collaborating with public and private sector stakeholders, emerged during a stakeholder consultation meeting in April 2023.

Agribusiness Register Limited, the owners and managers of the Nigeria Agribusiness Register, will collaborate and engage with selected agribusinesses, farmer groups, aggregators and other key stakeholders.

The statement added that the company will also nurture partnerships and collaborations with EU implementing partners in relevant areas of agriculture, digitalisation and entrepreneurship, as well as with relevant agencies of the Nigerian government.

“It will specifically work with the Federal Ministry of Agriculture, the Federal Ministry of Industry, Trade and Investment, the Nigerian Export Promotion Council (NEPC), the Nigerian Standards Organisation and the Ministry of Communications and Digital Economy,” the statement added.