On 12 December 2017 in Buenos Aires, representatives from the Member States of the European Free Trade Association (EFTA) – Iceland, Liechtenstein, Norway and Switzerland – and from Nigeria signed a Joint Declaration on Cooperation (JDC).
The EFTA-Nigeria JDC was signed by Minister Guðlaugur Þór Þórðarson, Minister for Foreign Affairs and External Trade, Iceland; Ambassador Peter Matt, Liechtenstein; Ambassador Harald Neple, Norway; Federal Councillor Johann N. Schneider-Ammann, Head of the Federal Department of Economic Affairs, Education and Research, Switzerland as well as by Minister Okechukwu Enelamah, Minister of Industry, Trade and Investment, Nigeria.
Through the JDC, both sides commit to further enhancing their bilateral economic relations. The JDC establishes a Joint EFTA-Nigeria Committee, thereby providing the Parties with a forum for discussing relevant issues.
Economic relations between the EFTA States and Nigeria
Merchandise trade between the EFTA States and Nigeria reached USD one billion in 2016, with imports valued at USD 352 million, and exports at USD 649 million. The main imports from Nigeria were mineral fuels and precious stones and metals, while the main exports were mineral fuels, machinery, mechanical appliances and fish.
EFTA as a trade partner
EFTA has established one of the most extensive networks of preferential trade relations worldwide. In addition to the European Union as the EFTA States’ most important economic partner, EFTA’s network of free trade agreements currently extends to 38 countries, and free trade negotiations are currently underway with several other partners. JDCs have been concluded with a further seven partners.
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