The European Union on Tuesday stated that many of  Nigeria’s policies in operation contradict the basic rules of the Economic Community of West African States (ECOWAS) trade operations in the sub-region.

The EU Ambassador and Head of EU delegation to Nigeria and ECOWAS, Michel Arrion, made the statement while announcing the fourth EU-Nigeria Business Forum with the theme: ‘Unlocking Opportunities for Diversification.’ The EU envoy, while explaining Nigeria’s disregard for ECOWAS rules, noted that in January 2015, a new Common External Tariff (CET) was enforced by ECOWAS giving 14 months for member states to comply, but stressed that in Nigeria, it is still business as usual in clear disregard for agreements and conventions of the sub-regional umbrella body.

Arrion who stressed the importance of the EU-Nigeria business forum which will hold in Lagos from November 5 to 7 for participants from both the pubic and private sectors, however noted that the EU has no offensive agenda  of hidden conspiracy against Nigeria and other countries in the region.

He stressed that all the EU and its mission in Nigeria and West Africa was interested in was the advancement of the sub-region as well as the enhancement of the competitiveness of its various economic segments.

“Nigeria is maintaining import bans against ECOWAS. You can do this outside ECOWAS but not within. You are part of the same community and bound by some rules relating to free movement of goods and people. We have no offensive agenda for Nigeria because we believe that Nigeria and ECOWAS are very important places where European or other non-European businesses could invest because there is enough room for investment,” he said.

Arrion assured Nigeria that the EU would not invade the West African market with products that could compete with domestic products of what Nigeria and other countries in the region would be producing, pointing out that the EU has removed all its export subsidies to the West African market.

He added that the forthcoming forum would together about business leaders and policy makers from the European Union and Nigeria to discuss business opportunities and impediments to investments.

“The forum will aim to increase domestic and foreign investments particularly in agribusiness, in line with Nigeria government’s diversification efforts,” he added.

Meanwhile, Arrion also stated that a €6.5 billion for every four years till 2035 has been agreed upon by the EU to provide financial trade related development assistance for Nigeria’s growth and development.

He explained that the move was to demonstrate the Union’s strong belief and confidence in the Nigerian market.

According to him, the EU will be making strong commitments in terms of financial development assistance and the “EU with its member states have all agreed to provide a minimum of €6.5 billion of trade development assistance every five years till 2035. Every five years, we are committed to giving grants, development assistance. EU and the 28 member states have agreed to give a minimum of €6.5 billion for every five years. In the last five years it was €8.5 billion. We are very comfortable to provide this development assistance.”

He further stated that since 2012, the EU-Nigeria business forum, a collaborative effort of the EU and its member states in Nigeria, has served as a platform for private sector participants to gather essential market information, identify business opportunities and connect with key players.

He added that the volume of trade between Nigeria and EU stood at €36.4 in 2013, accounting for 29.6 per cent of Nigeria’s total trade the same year, pointing out that the forum will deepen understanding of the role that the Economic Partnership Agreement (EPA) can play in supporting the diversification of Nigeria’s economy, strengthen EU-Nigeria business relations through identification of opportunities in agribusiness and forging partnerships.

He said EU will be making strong commitments in terms of financial development assistance, saying that the EU and its member states have all agreed to provide a minimum of €6.5 billion of trade development assistance every five years till 2035.

“Every five years, we are committed to give grants, development assistance. EU and the 28 member states have agreed to give a minimum of €6.5 billion for every five years. In the last five years it was €8.5 billion. We are very comfortable to provide this development assistance,” he said.