The strategic importance of eu to nigeria's economy

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In regards to exports, Nigeriaalong with other West African countries namely, Ghana and Ivory Coast comprise regarding 80% of this area exports to the European Union. The lawful structure upon which Nigeria and also EU base their collaboration on financial advancement, profession and political policies is the Cotonou Agreement. Yet the West African country's exports of non-oil products account for much less than 5% of its complete exports to the EU nations. On the other hand, Nigeria's crude oil exports represent around 96% of its complete exports. In 2014, the nation videotaped an overall export value of about 28 billion EUR, out of which 1 billion represented its non-oil items. Alternatively, it enables a slow however sure decreasing of tolls on EU imports to West Africa over two decades for certain items such as equipments, funding goods and transitional items. At the very same time, it enables West Africa to support toll security over its consumer goods as well as agricultural items. With the objective to improve the West African nation's competition, the EU has offered a number of gives to Nigeria. To aid the country diversify from an oil-exporting to non-oil exporting nation, it has provided 19 million EUR to the country through the National Planning Payment over a duration of 5 years. The job concentrates on a range of energy-related issues varying from renewable resource, electrification of country areas, power effectiveness and the development of technological skills.