The European Union will not increase its financial assistance to Nigeria | Welcome to Linda Ikeji's Blog

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Saturday, 1 July 2017

The European Union will not increase its financial assistance to Nigeria

Michel Arrion, the European Union (EU) Ambassador to Nigeria and ECOWAS who spoke at a Lecture organised by the IBB Golf Club, with the theme “40 years of European union in Nigeria: Lessons learned and the way forward” says EU will not increase its financial assistance to Nigeria.
He said that Nigeria could not be said to be poor, as it is has enough resources to meet its developmental needs.
Then he added that despite the fact that EU is not promising further assistance, Nigeria remains a key partner of the EU in view of the role it plays in global affairs.

According to him, the Official Development Assistance  (ODA) flow in Nigeria is about 2.5 billion dollars yearly, which  correspond roughly to about 10 per cent of the federal budget (N7,3trillion  or 24 billion dollars).  This, he said has raised the question of should EU continue to give aide to Nigeria.

In his words,
'We are not offering more financial support, we are proposing more political and policy dialogue, technical assistance, capacity building, training, transfer of technology. We also proposing more advocacies for more private investments and other innovative sources of funding'.
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.

According to him 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 said that the union had also helped to enhance institutional capacities, strengthen governance and fight insecurity in Nigeria.

7 comments:

kayode odusanya said...

To be honest, aid from Europe and America is one of the reasons why some black nations have remained poor when they have all the resources they need to be rich. I am not talking about the very poor African countries, but countries like Nigeria have no reason getting aid. We have all we need; we just need to learn to manage it better.

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Asoge Atelier said...

They have tried. Can't we look inward for our own development?

Manuel Kunmi said...

Thank you you've done enough

Anonymous said...

I love it. Because when money is being pumped into the country, it vanishes. Wetin dey use the money do we don't know. No accountability. Enough of this financial assistance. We have all the resources in this country, it start finding them. What Nigeria needs now is electricity, good roads and water.and a change of government, let all the old men leave the seat of politics for the younger ones and also those looted money being recovered should be invested into the system.also the education system should be review because this days we can't the about the quality of our graduate. Some can not even defend the results. There is enough financial resources in Nigeria no more external financial assistance because it is of no use, period

Anonymous said...

I love it. Because when money is being pumped into the country, it vanishes. Wetin dey use the money do we don't know. No accountability. Enough of this financial assistance. We have all the resources in this country, it start finding them. What Nigeria needs now is electricity, good roads and water.and a change of government, let all the old men leave the seat of politics for the younger ones and also those looted money being recovered should be invested into the system.also the education system should be review because this days we can't the about the quality of our graduate. Some can not even defend the results. There is enough financial resources in Nigeria no more external financial assistance because it is of no use, period

Anonymous said...

Very good.... It'll limit stealing

Anonymous said...

Strong sign that European Union is not in support of Buhari-Osinbajo's presidency. They have watched for 2 years, and now they have spoken. The ghostworker and fake pastor presidency should continue fooling themselves they have a chance in 2019

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