The European Union, (EU), and development finance institutions will provide Nigeria with €1.3 billion, the equivalent of $1.4 billion, in funds aimed at reducing its dependence on oil.
The funds for agriculture, climate and digital projects will help Africa’s largest oil producer, “achieve a low carbon, resource-efficient and climate-resilient development, creating jobs for youth and economic growth.”
The EU Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Samuela Isopi, disclosed this at the 8th EU-Nigeria Business conference, which was held in Lagos at the weekend.
Nigeria is encouraging investments in agriculture and technology-based infrastructure to reduce its dependence on oil and accelerate growth. While crude oil contributes about 7% of the country’s Gross Domestic Product (GDP), it accounts for nearly all foreign exchange earnings and more than half of government revenue.
This funding will support 60 projects through 2027, Isopi said in an interview. They include; a fish farm in Ogun State and a waste-to-energy initiative in Cross-Rivers State, according to an emailed document from the EU.
