Lagos Business School has advocated for a qualitative European Union and Nigeria relationship as the union seeks to move from the traditional donor-beneficiary model to what it describes as a “partnership of equals.”

European Union Ambassador to Nigeria and the Economic Community of West African States, Gautier Mignot, speaking on Thursday during a fireside chat held at LBS, Pan-Atlantic University, reaffirmed the region’s commitment to Nigeria with a €730m grant package for operations in the country between 2021 and 2027.

Mignot, addressing stakeholders on the theme ‘The European Union, A Reliable Partner for Nigeria and the World,’ said Europe remained committed to Nigeria through mutual respect and shared interests.

He stated, “With Nigeria and Africa, we want to leave behind this kind of donor-to-beneficiary relationship and enter into a partnership of equals, something we have been trying to do over the last few years. It is based on a reality that you may need us, but we also need you.”

The ambassador stressed that the EU sees itself as a dependable ally, committed to supporting Nigeria’s development priorities despite global uncertainties. He remarked, “At a time when all the partners are writing down their support, the EU, on the contrary, keeps its commitments and stays the course. That’s why we think we are reliable partners.”

Mignot said the EU’s Global Gateway Strategy will drive its collaboration with Nigeria, combining grants, loans, and private sector partnerships to address key areas including digital infrastructure, health, agriculture, transport, and renewable energy.

According to him, the EU plans to invest in major infrastructure projects like the rollout of 90,000 km of optical fibre across Nigeria in partnership with the Ministry of Communications and a €410m Lagos water-based electric transport system co-funded with France.

He also announced that the European Bank for Reconstruction and Development is entering the Nigerian market, with plans to open offices in Lagos soon. Nigeria, he said, has become the 77th shareholder of the EBRD, enabling it to benefit from blended financial tools combining grants, loans, and risk guarantees.

The EU’s financial framework, Mignot revealed, includes not only €730m in grants for Nigeria but also other funding schemes and technical support designed to crowd in private sector investment.

“Official development assistance is not enough,” he stressed. “What we need is to leverage private funds, and that’s what the Global Gateway Strategy tries to do.”

Mignot also noted that the EU is currently Nigeria’s largest trading partner and source of foreign direct investment. “Nigeria’s trade with the EU represented around 26 per cent of its total in 2024,” he said, adding that the country enjoys a trade surplus of over $10bn with the bloc annually.

Meanwhile, he acknowledged the lopsided nature of Nigeria-EU trade, which is heavily focused on crude oil exports and petrol imports. The ambassador described this model as unsustainable, pointing to the expected impact of domestic refining, especially with the coming onstream of the Dangote Refinery.

“We want to diversify trade,” Mignot said, calling for expanded cooperation beyond oil and gas. “It does not make sense to send crude very far only to import petrol.”

Beyond trade, Mignot highlighted that the EU also supports Nigeria in security, humanitarian relief, and governance. The ambassador disclosed that the bloc continues to fund the Multinational Joint Task Force combating jihadist groups in the Lake Chad Basin and is providing more than €100m in humanitarian aid, especially in light of rising malnutrition in the North-East and North-West.

The EU also supports Nigeria’s democratic institutions, he said, especially the Independent National Electoral Commission, civil society organisations, and advocacy around gender equality and human rights.

On education and cultural exchange, the ambassador said the EU is committed to fostering “people-to-people contact.” He revealed that 103 Nigerian students are currently benefiting from the EU’s Erasmus programme, with many expected to return with global experience that can enrich local development.

He added that demographic shifts in Europe, with its population expected to shrink by two million people annually, mean the EU will increasingly rely on young African talent.

“Migration is a necessity for us. But it must be done sustainably, with benefits for countries of origin too,” he said.

Earlier in her welcome address, the Dean of Lagos Business School, Prof. Olayinka David-West, said the EU’s engagement with the school would enrich learners with global perspectives.

“We see ourselves as a convening space where public and private sector actors, academics, and innovators can collaborate to build a more just and sustainable society,” she said.

She added that LBS is eager to explore long-term partnerships with the EU, especially in education, research, digital innovation, and public sector capacity building.

“Your presence here today speaks volumes. It signifies the EU’s enduring commitment to dialogue and partnership,” she said, addressing the ambassador.

David-West said sessions like the EU fireside chat help business leaders and policymakers understand global dynamics and reposition their strategies for impact. She added that the Nigerian workforce needs to be prepared for the global world, stating, “One of the things we heard today was Europe has an ageing population. If we want to build global participants and workers for the world, we need to be building them with those multiple dimensions.

“We need to be building them with a cross-cultural context so they can go into the world and do whatever they need to do, because Nigeria doesn’t exist in isolation.”

The LBS’s dean added that the institution will seek partnership opportunities with the European Chamber of Commerce. “When a chamber or a company comes into Nigeria, the first thing they ask is, ‘Who do we trust to work within Nigeria?” she said. “And what we try and do is provide these kinds of conversations to ensure that, see, we can bring you to parties where you can trust. Because Nigeria is one of those countries where we build a lot on referral systems.”

Director of the Public Sector Initiative at LBS, Prof. Franklin Ngwu, also described the EU engagement as timely.

“One of our missions is to help create sustainable leadership in Africa. This partnership supports that,” he said, pointing to areas such as governance reform, training, and research as immediate opportunities.

Ngwu assured of LBS building on the EU-Nigeria conversations to advance national growth, stating, “Lagos Business School’s public sector initiative is focused principally on helping, partnering with the Federal Government, with state government, with local government to create a better society in terms of training, in terms of research, policy, engagement, and discussions.”

Also speaking, Chief Marketing Officer of Lagos Business School, Nsima Ogedi-Alakwe, said the session created strong networking and collaboration prospects for learners and faculty alike.

“Beyond technical knowledge, this is about building global relationships and sowing the seeds for long-term partnerships,” she said.