The European Union (EU) and its development finance institutions, yesterday inaugurated what it termed the ‘Team Europe Initiative (TEI) Green Economy’ project for Nigeria aimed at stimulating sustainable climate-smart agriculture and renewable energy for economic growth and diversification.
EU Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Ms. Samuela Isopi, unveiled the project at the 8th EU-Nigeria Business Forum tagged: “Nigeria and the New Economy” in Lagos.
Africa’s most populous nation has been trying to widen its economic system and exports outside the oil sector, which accounts for about 7% of Nigeria’s gross domestic product and 90% of its foreign currency earnings.
Under the EU’s “Green Deal” initiative, the $1.3 Billion funding ( N549,890,000,000.00) will be provided until 2027. Among other things, it will focus on enhancing access to renewable energy and boosting the development of the agricultural sector.
“In parallel, the EIB (European Investment Bank) sovereign lending will support the agri-food sector access to markets by financing rural roads, as well as climate adaptation and mitigation efforts,” the EU said.
About 60 projects of different nature will be executed across the agricultural and energy sectors. It includes nature-based measures to mitigate the effect of climate change, comba deforestation and desertification, and a waste-to-energy initiative in the southern Cross River state will receive funding.
The EU member countries involved in the TEI Green Economy Project are Denmark, France, Germany and the Netherlands. She said the TEI Green Economy projects are aimed at improving the competitive advantage of Nigeria’s agriculture and energy sectors, with emphasis on access to clean and renewable energy as well as job creation, skills and capacity development.