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  • The European Union will not increase its financial assistance to Nigeria
  • Michel Arrion, the European Union (EU)
    Ambassador to Nigeria and ECOWAS who spoke
    at a Lecture organised by the IBB Golf Club, with
    the theme “40 years of European union in Nigeria:
    Lessons learned and the way forward” says EU
    will not increase its financial assistance to
    Nigeria.
    He said that Nigeria could not be said to be poor,
    as it is has enough resources to meet its
    developmental needs.
    Then he added that despite the fact that EU is not
    promising further assistance, Nigeria remains a
    key partner of the EU in view of the role it plays in
    global affairs.
    According to him, the Official Development
    Assistance (ODA) flow in Nigeria is about 2.5
    billion dollars yearly, which correspond roughly
    to about 10 per cent of the federal budget
    (N7,3trillion or 24 billion dollars). This, he said
    has raised the question of should EU continue to
    give aide to Nigeria.
    In his words,
    'We are not offering more financial
    support, we are proposing more political
    and policy dialogue, technical assistance,
    capacity building, training, transfer of
    technology. We also proposing more
    advocacies for more private investments
    and other innovative sources of funding'.
    He also said Nigeria must attract more foreign
    investment five times more, to reach the level of
    Angola or Vietnam for instance and put in place
    more and better Public Private Partnerships.
    According to him EU in its 40 years of
    engagement with Nigeria has identified
    development priorities, funded projects to
    stimulate the Nigeria’s economy, reduce hunger
    and disease. He said that the union had also
    helped to enhance institutional capacities,
    strengthen governance and fight insecurity in
    Nigeria.

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