Nigeria's agribusiness sector anticipated increased investment after the European Union launched a digital platform.
The EU-Nigeria agriculture Platform was launched by the EU Delegation to Nigeria and ECOWAS to boost private investments in the nation's agriculture industry. In addition to achieving sustainable economic development in Nigeria, the program will help to lessen food insecurity and poverty. By establishing and sustaining a network of active agribusiness members throughout Nigeria and the EU, the EU-Nigeria Agribusiness Platform will help to advance the exploration and exploitation of agricultural prospects between Nigeria and the EU. An example of a digital agricultural platform is an agribusiness platform, which gives Nigerian and European SMEs access to digital marketing, trading, and investment space for commercial and/or transactional activities, interactions, communications, integrations, and cooperation in the agro-food system and agro-industry. Establishing connections and fostering interactions between Nigerian and EU agribusiness stakeholders, particularly among SMEs, is the main goal of the EU-Nigeria Agribusiness Platform. It also aims to encourage trade and investment between the two regions. Trade between the EU and Nigeria reached €24.6 billion in 2023, an 18.7% decrease from 2022. The European Union continues to be Nigeria's principal economic partner, top investor, leading provider of development and humanitarian aid, and largest foreign network. Nigeria benefits from trading links with the EU, with the majority of its imports coming from crude oil. The non-oil trade between Nigeria and the EU needs to be improved. The EU-Nigeria Agribusiness Platform will be run by Agribusiness Register Limited, a private sector organization knowledgeable about the agribusiness ecosystem. During a stakeholders' consultative meeting in April 2023, the notion of transferring the platform to a private sector-led organization collaborating with public and private sector stakeholders was presented. Owners and operators of the Nigeria Agribusiness Register, The Agribusiness Register Limited, will collaborate and interact with a chosen set of agribusinesses, farmer associations, aggregators, and other important players. Additionally, it will foster cooperation and partnerships with key Nigerian government agencies as well as EU implementing partners in the fields of entrepreneurship, digitalization, and agriculture. It will collaborate specifically with the Nigeria Export Promotion Council (NEPC), the Federal Ministry of Agriculture, the Federal Ministry of Industry, Trade and Investment, the Standards Organization of Nigeria, and the Ministry of Communication and Digital Economy.
