"Nigeria Is Not A Poor Country, We Are Not Offering More Financial Support" - EU

Arrion, however said the regional block would scale up its efforts towards the country’s institutional, political and economic development for a more prosperous future.

“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,” the EU envoy said.

The envoy therefore called for improving in tax collection to finance the development of the country.


According to him Nigeria must find alternative funding to ODA including improved tax collection which must be improved at least five times more and also spend better.
Quoting Price Water Cooper (PwC 2016), he said: “Nigeria collects about N5.5 trillion or 18 billion dollars per year.

“About 10 million people (10 per cent of adult population) are registered for personal income tax (half of them in Lagos).

“The rate of VAT compliance by registered entities is about 12 per cent. The rate is lower for corporate income tax nine per cent.”




He also said 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.

Arrion said the evolution of vibrant relationship of equal partners between Nigeria and the EU was founded on shares values and aspirations and mutual trust.

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