The European Union (EU), in collaboration with development finance institutions, has announced a $1.4 billion investment across a number of projects in Nigeria.
With the aim of aiding Nigeria’s efforts in tackling climate change, the financing will support up to 60 projects across the agriculture, climate and digital fields.
“The funds will enable the country to achieve low carbon, resource efficient and climate resilient development, creating jobs for youth and economic growth,” according to EU ambassador to Nigeria and the Economic Community of West African States, Samuela Isopi.
The EU funding will support project development until 2027, including the development of a fish farm in Ogun state in southwestern Nigeria and a waste-to-energy initiative in Cross River, south of Nigeria.
With crude oil accounting for 7% of the country’s gross domestic profit and nearly all foreign exchange earnings, Nigeria hopes to kickstart multi-sector development, promoting investment in sectors such as agriculture and technology in order to reduce the reliance on crude oil.
