The Lagos Business School (LBS), Pan-Atlantic University, has reiterated the need for a stronger European Union (EU)-Nigeria relationship, aligning with the EU’s renewed push for a “partnership of equals.” This was disclosed during a fireside chat hosted at the LBS on Thursday, with the EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, reaffirming Europe’s commitment through a €730 million grant package earmarked for Nigeria between 2021 and 2027.
Speaking at the session themed “The European Union, A Reliable Partner for Nigeria and the World,” Mignot said the EU was shifting from a donor-beneficiary model to a strategic partnership built on mutual respect and shared interests.
“With Nigeria and Africa, we want to leave behind this kind of donor-to-beneficiary relationship and enter into a partnership of equals,” Mignot said. “You may need us, but we also need you.”
The ambassador stressed that despite global economic challenges, the EU remains committed to Nigeria’s development priorities, describing the bloc as a “reliable partner.”
The ambassador revealed that the EU’s Global Gateway Strategy would drive collaboration with Nigeria, focusing on digital infrastructure, agriculture, health, renewable energy, and transportation.
Key projects include:
90,000km optical fibre rollout across Nigeria in partnership with the Ministry of Communications.
A €410m Lagos water-based electric transport system, co-funded with France.
Entry of the European Bank for Reconstruction and Development (EBRD) into Nigeria, with plans to open offices in Lagos soon.
Mignot emphasized that the EU remains Nigeria’s largest trading partner and source of foreign direct investment, accounting for 26% of Nigeria’s total trade in 2024 and a trade surplus of over $10 billion annually.
However, he noted that the trade relationship, dominated by crude oil exports and petrol imports, is unsustainable. “It does not make sense to send crude very far only to import petrol,” he said, urging diversification in trade partnerships, especially as local refining capacity increases with projects like the Dangote Refinery.
The EU also supports Nigeria in security and humanitarian relief, funding the Multinational Joint Task Force combating terrorism in the Lake Chad Basin and providing over €100 million in humanitarian aid to address malnutrition in Northern Nigeria.
In education, Mignot disclosed that 103 Nigerian students are beneficiaries of the EU’s Erasmus programme, emphasizing that Europe’s ageing population will increasingly depend on young African talent. “Migration is a necessity for us. But it must be done sustainably, with benefits for countries of origin too,” he added.
Dean of LBS, Prof. Olayinka David-West, praised the EU’s engagement, stating that the institution is committed to driving education, research, and innovation that meet global standards.
“We see ourselves as a convening space where public and private sector actors can collaborate to build a just and sustainable society,” she said. David-West added that LBS would seek long-term partnerships with the EU in education, digital innovation, and public sector reforms.
Director of the Public Sector Initiative at LBS, Prof. Franklin Ngwu, described the EU engagement as timely, aligning with LBS’s mission to build sustainable leadership in Africa.
The EU’s €730m grant, coupled with major infrastructure and trade partnerships, signals a significant boost for Nigeria’s economic diversification, technological advancement, and human capital development. Analysts say this partnership could enhance private sector investment and create sustainable job opportunities, provided the government ensures a conducive business environment.