Emmanuel OchayiMajor Investment Announcement
The European Union (EU) Commission has announced plans to invest €150 billion in trade and transport infrastructure across West Africa, focusing on the Lagos-Abidjan corridor.
This initiative, part of the EU’s Global Gateway Initiative, aims to improve trade efficiency and reduce extortion checkpoints between the Benin Republic border and Lagos State.
Celine Lhoste, Team Lead of the EU Delegation to Nigeria and ECOWAS, revealed this on Monday, in Lagos, during a meeting with the Nigerian Shippers’ Council and ECOWAS.
“There is an investment package of €150 billion for Africa, and West Africa is an important region where we are already investing a lot along the Lagos-Abidjan corridor,” Lhoste declared.
Key Focus Areas
Lhoste emphasised the significance of Lagos ports in enhancing trade along the Lagos-Abidjan corridor. The EU aims to support efforts to decongest these ports and develop inland dry ports to streamline trade processes.
“We are looking at possible investments to facilitate trade and transport along the corridor and in Lagos. The investment package under the Global Gateway Initiative seeks to use various funding sources, including private sector contributions and grants, to lower the cost of investments,” she stated.
READ ALSO: Euro 2024: How Clinical Portugal disarmed Turkey in Dortmund
The EU is also exploring coastal shipping between Cotonou and Lagos ports to boost trade between Nigeria and Benin. Additionally, discussions are ongoing with the Port of Antwerp to use barges for easing congestion and improving connections between seaports and hinterlands in Nigeria.
Addressing Transport Challenges
Jesus Gavilan, Transport Officer at the Directorate General International Partnership of the EU Commission, highlighted the significant challenges along the Lagos-Abidjan corridor. The numerous checkpoints hinder smooth transport between Benin and Nigeria.
“When you move from the Benin Border to Lagos, you can be stopped at least 20 times with 80 checkpoints. This is a big barrier for transport between the two countries,” Gavilan noted.
To address this, the EU is working on a one-stop border post between Benin and Nigeria to streamline the passage of goods. Gavilan mentioned that while the border post is nearing its official launch, much work remains to ensure its full operational capacity.
Infrastructure Development
The EU’s investment plans also include developing inland dry ports to decongest seaports and enhance exports. Gavilan explained, “EU would have a look into investing in infrastructure while partnering with the Nigerian Shippers’ Council.”
The Executive Secretary of the Nigerian Shippers’ Council, Pius Akutah, reiterated the council’s commitment to port efficiency and trade facilitation. Akutah, represented by Executive Director of Human Resources, Ms. Ada Okam, urged the EU to invest in critical transport infrastructures.
Call for Railway Investment
Mustapha Zubairu, Director of Special Duties at the Nigerian Shippers’ Council, stressed the need for a railway at the Lekki port to alleviate congestion caused by surrounding industrial activities.
He called for EU investment in this area and emphasised the importance of uniform regulations within the regional corridor to facilitate seamless cargo movement.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
