The EU will not increase its financial assistance to Nigeria:Michel Arrion

The European Union (EU) Ambassador to Nigeria and ECOWAS Michel Arrion, who spoke at a Lecture organised by the IBB Golf Club,  theme “40 years of European union in Nigeria: Lessons learned and the way forward” said that the EU will not increase its financial assistance to Nigeria.

Michel Arrion said that Nigeria could not be said to be poor, as it is has enough resources to meet its developmental needs.

 He also 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 nigeria 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 that 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 also said that the union had also helped to enhance institutional capacities, strengthen governance and fight insecurity in in the country.