EU Advocates Foreign Investments For Nigeria

Channels Television  
Updated July 10, 2017

The European Union hasĀ expressed concern over the inability of Nigeria to achieve competitiveness in the global market despite the nation’s huge potentials and has therefore pledged its support in terms of the economic recovery plan.

The European Union ambassador and head of delegation in Nigeria, Michel Arrion made this known at a meeting of his delegation with some business leaders, traditional rulers and other stakeholders from the Niger Delta.

He stressed that Nigeria has to first of all prove that it has the comparative advantage by taking certain critical steps.

“We are in Brussel, we are in Paris, we are in London, we are in Frankfurt, we are looking at the world. We can invest in Mexico, Vietnam and we can invest in Nigeria. I would like to attract more and more investment to Nigeria, but the Europeans, they have a choice, so you are the one to prove that you are the best, that you have comparative advantage.

“I will give one example, you know European cars, Peugeot, Mercedes and so on, a European car is made with parts from 47 countries and we are importing parts from 47 countries outside Europe, why not from Nigeria? The thing for you is not to produce cars, the thing for you is to be integrated into what you call the global integrated value chain.

“The Boeing is built with parts coming from 32 countries, why not 33, why not Nigeria. Some time ago you had companies that produce tyres, you had companies like Michelin, why not attract them back, because you have the comparative advantage, you have rubber. What you need to do is to create the so-called enabling environment,” he added.

The meeting was put together by the Rivers State Entrepreneurs and investors forum in Port Harcourt, the state capital.