Robert Troy (Longford-Westmeath, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

365. To ask the Minister for Foreign Affairs and Trade the status of Ireland's trade relationship with Nigeria. [8190/16]

Charles Flanagan (Laois, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Nigeria is an important trade partner for Ireland in Africa. The 2015 trade statistics published by the Central Statistics Office (CSO) showed that Nigeria was Ireland’s largest merchandise trade partner in Africa, with total trade worth almost €431 million. This comprised €307 million in exports to Nigeria and €124 million in imports from Nigeria. The 2014 CSO services trade figures show services trade of €111 million between Ireland and Nigeria. This comprised €96 million in services exports to Nigeria from Ireland, and €15 million in imports to Ireland.

During the 2014 review of the Government Trade, Tourism and Investment Strategy, Nigeria was identified as an ‘Exploratory and High Potential Market’. This status was assigned to markets which generally have large populations, growing economies, increasing levels of exports, future FDI potential, and where specific sectoral opportunities have been identified. In the case of Nigeria this included opportunities in the food and drink sector.

In recognition of the potential of the Nigerian market, Minister Simon Coveney led an Enterprise Ireland and Bord Bia trade mission to Nigeria and Ghana in November 2015, on which he was accompanied by more than 40 Irish companies. Our embassy in Abuja, the first embassy Ireland opened in Africa, in 1961, has a strong trade promotion mandate. The embassy is currently in the process of hiring a local economic development officer whose remit will be to support the economic and trade work of the embassy, including building on the recent trade mission.

Overall, Nigeria’s trade regime with the EU operates under the EU’s Generalised Scheme of Preferences which provides tariff reductions to developing countries. Nigeria was one of 16 West African countries which, along with their two regional economic organisations, initialled an Economic Partnership Agreement with the EU in July 2014. This trade and development Agreement will establish a long-term and stable trade relationship promoting investment and economic growth in West Africa. The signature process for this Agreement is currently ongoing.