EU withdraws financial support for Nigeria, says country too rich to receive aid

Head of European Union delegation to Nigeria and ECOWAS, Ambassador Michel Arrion, has revealed why the body has withdrawn its financial support for Nigeria.

Speaking at the annual distinguished lecture organised by IBB Golf Club in collaboration with Foundation for Global Impact and Sustainable Development, the Ambassador said the country has enough resources to meet her developmental needs.

Arrion who tasked the Nigerian government to look beyond Official Development Assistance (ODA), however said that the EU would instead help with technical support and capacity-building towards development moving forward.

“We are not offering more financial support; we are proposing more political and policy dialogue, technical assistance, capacity building, training, transfer of technology, more advocacy for more private investments and other innovative sources of funding.

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“To finance the development of the country, Nigeria must find alternative funding to ODA. Nigeria must collect much more taxes five times more, to reach an average of 20 per cent of the GDP, and spend better.

“It should also attract much more foreign investment and put in place more and better private/public partnerships. I believe Nigerian authority should work harder to provide good reasons for foreign investors to want to invest in Nigeria,” he said.

Speaking on the theme: ‘40 Years of EU in Nigeria, Lessons and the Way Forward,’ Arrion noted that ECOWAS can only be strong when leading countries such as Nigeria believe in it.

“We in the EU believe in the relevance of regional integration. ECOWAS would be strong when Nigeria believes in it and is committed to making it strong.

“EU is strong because Germany believes in it,” Arrion stated.

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