Under the Team Europe Initiative, TEI, the European Union, E.U, has started a US$1.35 billion Nigerian Green Energy Project (TEI).
The initiative aims to support Nigeria’s attempts to diversify its economy by promoting sustainable, climate-smart agriculture, renewable energy, and job creation.
While praising Nigeria’s resiliency in the face of current global challenges, the E.U Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Samuela Isopi, stated that the initiative will try to help Nigeria achieve low carbon, resource efficient, and climate resilient development, job creation for youths, and economic growth, focusing on climate-smart agriculture, circular economy, and digital economy, and improving the competitive advantage of Nigeria’s agribusiness.
She stated that the Netherlands, Denmark, France, Germany, and the United Kingdom are all participants in the TEI Green Economy Project. She also stated that 60 various initiatives will be carried out along the value chain for the agricultural and energy sectors.
According to Isopi, the project has already started and will last through 2027. The EU will continue to support the Nigerian government’s implementation of its economic diversification objectives and new collaborations with the private sector, she further reassured stakeholders.
“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 enhance access to renewable energy for productive uses and boosting the development of the agricultural sector while integrating circular economy principles in the development models,” she said.
“Collectively, the actions will help Nigeria attain its SDGs and put the country on a sustainable development path.”
The TEI is anticipated to support Nigeria’s initiatives to advance its climate agendas. Nigeria created its Nationally Determined Contribution (NDC) in 2015 in preparation for ratifying the Paris Climate Agreement.
It is a component of a number of laws that make up Nigeria’s 2021– 2030 National Climate Change Policy.