July 23, 2024

EU launches €1.3bn green economy initiative in Nigeria

Oredola Adeola

The European Union (EU) has launched a  €1.3billion Team Europe Initiative (TEI) Nigeria Green Economy with the aim of unlocking Nigeria’s sustainable renewable energy and climate-smart agriculture economy for growth and diversity.

 

Ms Samuela Isopi, EU ambassador to Nigeria and Economic Community of West African States (ECOWAS),unveiled the project at the 8th EU-Nigeria Business Forum tagged: “Nigeria and the New Economy” on Friday, in Lagos.

The members of the Team Europe Initiative (TEI) Nigeria Green Economy’ project are Denmark, France, Germany and the Netherlands.

According to the Ambassador, the TEI Green Economy consists of 60 projects of different nature to be executed across the agricultural and energy sectors by 2027 and is valued at 1.3 billion Euros.

She said that the project will improve the competitive advantage of Nigeria’s energy sectors, with emphasis on access to clean and renewable energy as well as job creation, skills and capacity development.

The Ambassador noted that the project was a result of collaborative efforts with the EU and member states, private and public sectors and the development financial institutions.

She assured continued support for the Nigerian government in the implementation of its economic diversification policies and new partnerships with the private sector.

She said, “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.

“Collectively, the actions will help Nigeria attain the SDGs and put the country on a sustainable development path.

“The initiative will offer support in areas of expertise and strong European contribution such as climate-smart agriculture, technological and digital solutions, vocational training, employment and entrepreneurship creation as well as access to sustainable energy,” she said.

She said the TEI would forge new partnerships with member states interested in supporting Nigeria’s circular economy efforts.

Ms Inga Stefanowicz, EU Team Leader, Green and Digital Economy in Nigeria, said the European Investment Bank (EIB) and the European Development Financial Institutions would assist various players in the value-chains in the agricultural and energy sectors.

“By combining EIB’s investment facilities with the European Development Finance Institutions and EU member states, the flagship initiative will create space for EU trade and investment while generating job opportunities for Nigeria’s youth.

“In agriculture, support will be provided to promote and increase climate-smart agricultural production and value-added creation in selected value chains to address food insecurity, increase agricultural exports, tackle skills gaps and create jobs.

“The Federal Ministry of Agriculture and state institutions will be supported in the delivery of its mandate, and in particular, development of agricultural education, integrating ICT and technical and vocational education and training,” she said.

Stefanowicz added that field interventions would concentrate on creating positive spillover effects through the value chains including smallholder farmers, aggregators, processors, manufacturers, wholesalers, transporters and retailers.

She said interventions in the energy sector would include capacity building, policy dialogue and advisory services with the ministry of power and its agencies, in developing an enabling policy environment, and adoption and implementation of measures.

“They will concentrate on effective delivery of the Ministry’s mandate including the Paris Agreement Commitment, Sustainable Energy for All (SE4ALL) targets as well as the development of new energy access business models with the private sector.

The EU Team Leader also noted  that the team would work with the Federal and State governments to address obstacles to ease of doing business and investment.
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