Nigeria's Relations with the European Union: An Analysis of the Economic Partnership Agreement
Oyedele Opeoluwa Janet *
Faculty of Humanities and Social Sciences, Peoples Friendship University of Russia, Moscow, Russia.
Amaziroh Queendaline Chiebuka
Faculty of Humanities and Social Sciences, Peoples Friendship University of Russia, Moscow, Russia.
Konyi Emmanuel Reuel
Faculty of Humanities and Social Sciences, Peoples Friendship University of Russia, Moscow, Russia.
Tchomeni Dieunedort
Faculty of Humanities and Social Sciences, Peoples Friendship University of Russia, Moscow, Russia.
Ogbu Nneamaka Augustina
Institute of Environmental Engineering, Peoples Friendship University of Russia, Moscow, Russia.
John Phiri
Faculty of Economics, Peoples Friendship University of Russia, Moscow, Russia.
*Author to whom correspondence should be addressed.
Abstract
The Economic Partnership Agreement (EPA) between Nigeria and the European Union (EU) aims to enhance economic cooperation and trade liberalization. However, it has sparked significant debate due to its potential implications for Nigeria's economic development and sovereignty. This paper critically analyzes the EPA, focusing on the key issues, challenges, and implications for Nigeria. The core concern is whether the EPA's benefits, such as increased market access and development aid, outweigh the drawbacks, including potential revenue loss, unfair competition, and stringent EU standards that could disadvantage Nigerian industries. The analysis employs a qualitative approach, reviewing existing literature, policy documents, and expert opinions to assess the economic, social, and political impacts of the EPA on Nigeria. This includes a comparative analysis of similar agreements between the EU and other African countries to draw relevant parallels and insights. The findings reveal that while the EPA offers opportunities for market access and development aid, it also poses significant risks to Nigeria's economic stability and sovereignty. The paper concludes that Nigeria must carefully weigh these factors, considering its economic priorities and readiness to meet the agreement's requirements. Future relations between the EU and Nigeria will depend on managing these challenges and opportunities, ensuring the partnership promotes mutual growth without compromising Nigeria's autonomy.
Keywords: EU-Nigeria, economic agreement, West Africa, Bi-lateral relations, economic growth