EU Set to Provide €1.29 Billion Fund to Nigeria

The European Union development finance institutions is set to provide Nigeria with €1.29 billion to help the country reduce its economic dependence on fossil fuel exports. Africa’s most populous country has been scrambling to diversify its economy outside the oil industry, which accounts for 7% of its GDP and 90% of its foreign currency earnings.

The EU aims to provide the funding until 2027 under the bloc’s “Green Deal” initiative. The funding will focus on enhancing access to renewable energy and boosting the country’s agricultural development, among other things.

The European Investment Bank (EIB) will also provide sovereign lending in parallel, with a goal to support Nigeria’s agri-food sector access and climate adaptation and mitigation efforts.

The funding will support around 57 projects, including nature-based measures to reduce climate change vulnerability, combating deforestation and desertification, and a waste-to-energy initiative.

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