The European Union (EU) has announced plans to invest 37 million Euros into Nigeria’s power sector, as part of its ongoing support for the country’s energy development. The EU’s Head of Mission to Nigeria, Samuela Isopi, revealed this during a visit to the Minister of Power, Adebayo Adelabu, in Abuja.
This investment is in addition to the approximately €200 million in grants that the EU has already invested in the sector since 2008. The new funding will focus on various areas, including small hydro-power and solar projects for healthcare facilities, rural electrification through mini-grid projects, and initiatives promoting a circular economy.
Ms. Isopi highlighted the EU’s commitment to supporting Nigeria’s power sector, noting that the projects would commence soon. She also extended an invitation to the minister to attend the upcoming inauguration of two projects funded by the EU and implemented by the United Nations Industrial Development Organization (UNIDO).
In response, Minister Adelabu expressed appreciation for the EU’s continued support and emphasized the need for more assistance to address the sector’s challenges. He identified liquidity as a major issue that the government is working to resolve, emphasizing the importance of a cost-reflective tariff for the sustainability and efficiency of the market.
The minister commended the EU’s programmes for aligning with the ministry’s strategy, particularly in areas such as small hydro and rural electrification projects. He pledged to collaborate with the EU on these initiatives, noting their importance within the framework of the new Electricity Act.
Peoples Gazette