European Union Declines Further Financial Assistance To Nigeria

The European Union (EU) Ambassador to Nigeria and ECOWAS, Mr Michel Arrion says EU will not increase its financial assistance to Nigeria, although he reiterated that Nigeria remains key partner for EU in view of the role it plays in global affairs. The reasoning behind the decision is because the union no longer views Nigeria as being poor, as it now has enough resources to meet its developmental needs.Efforts would however be directed towards the country’s institutional and political development to unleash its enormous economic potentials. EU’s further assistance would now be restricted to “policy dialogue, technical assistance, capacity building, training and transfer of technology.”According to Michel, 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 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.Photo Credit: Getty

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