18 September 2024

Brussels

The European Business Council for Africa and the Mediterranean (EBCAM) attended the Nigeria Belgium Luxembourg Business Forum 2024 held in Brussels and organized by its member CBL ACP.

The kick-start event hosted four-panel discussions with key experts of renowned industries as well as an open Q&A session and B2B meetings to strengthen economic relationships between Belgium, Luxembourg, and Nigeria, the EU’s largest trading partner in Africa, highlighting a high potential for mutual growth in equal partnerships.

Main takeaways

1° Panel - Healthcare 

In order to develop the healthcare sector, there is a need for a quality know-how transfer from Europe into Nigerian local manufacturing and the involvement of local people under open, transparent and mutually beneficial partnerships to allow Nigerians to contribute to developping this sector and stop the critical issue of medical brain drain.

2° Panel - Agriculture

As the revenues from the oil sector are strictly linked to the international market prices, Nigeria should diversify its economic revenues by also investing in agriculture.

3° Panel - Transports and Logistics

The Nigerian government should create multiple Free Trade Zones to build industrial parks at the benefit of local producers and communities. Among the advantages, there are more employment opportunities, youth involvement and a reduction of brain drain. In addition, effective policy-making should be combined with FTAs to drive more job creation, as this long-term commitment will be profitable in the long-run. 

4° Panel - Technology and Innovation

The Global Index shows that Africa is lagging behind in technological progress, hence there is a potential for growth if national security is implemented, regulation policies on AI or digital health are put in place thanks to a sharing of best practices between Europe and Africa, joint research and innovation projects between Belgium, Luxembourg and Nigeria are established, and investments are made on Nigerian SMEs and human resources.

EBCAM had the opportunity to meet and discuss with the Nigerian embassy and mission representatives in Belgium, Nigerian entrepreneurs and innovators, and Belgian governmental officials.