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EU allocates €1.3bn to support Nigeria’s economic diversification efforts – The Sun Nigeria

By Chinwendu Obienyi

In its bid to boost sustainable, climate-smart agriculture and renewable energy and create jobs for economic growth as well as assist Nigeria’s diversification efforts, the European Union (EU) inaugurated this weekend a €1.3 billion Team Europe Initiative (TEI) – Green Economy Project.

The Ambassador of the EU to Nigeria and the Economic Community of West African States (ECOWAS), Ms. Samuela Isopi, said so during the unveiling of the project during the 8th EU-Nigeria Business Forum on the theme: “Nigeria and the new economy” which was held in Lagos.

Isopi, while commending Nigeria’s resilience in the face of current global challenges, said the initiative aims to help Nigeria achieve low-carbon, resource-efficient and climate-resilient development, creating jobs for youth and economic growth, focusing on climate-smart agriculture, circular and digital economy and improving the competitive advantage of Nigerian agriculture.

She revealed that members of the TEI green economy project include Denmark, France, Germany and the Netherlands, adding that 60 different projects will be executed in the value chain of the agricultural and energy sectors.

While stating that the project is valued at 1.3 billion euros, Isopi said work was already underway and will run until 2027, the current EU budget outlook.

She further assured stakeholders that the EU would continue to support the Federal Government in implementing its economic diversification policies and new partnerships with the private sector.

“In line with the EU’s Green Deal, the Green Economy Initiative will support the Nigerian government’s efforts to diversify the economy by combining support to improve access to renewable energy for productive use and stimulate the development of the sector. agriculture while integrating circular economy principles into development models. “Collectively, the actions will help Nigeria achieve the SDGs and set the country on a path to sustainable development.

Welcoming the initiative, the Minister of Agriculture and Rural Development, Dr Mohammad Abubakar, said the agriculture sector had the greatest potential to diversify the economy and provide the broad-based growth needed for development as a “new engine of growth”.