The European Union (EU) says it is set to invest 37 million euros into Nigeria’s power sector.
Ambassador Samuela Isopi, the EU Head of Mission to Nigeria, made this statement during her visit to Mr. Adebayo Adelabu, the Minister of Power, in Abuja on Friday.
Accompanied by Mr. Luca Massimo, the new Head of Cooperation of the EU, and Mr. Godfrey Ogbemudia, Programme Manager on Energy, Isopi mentioned that the funds discussed were separate from the approximately 200 million Euro grants invested in the sector since 2008.
She detailed the EU’s ongoing intervention programs in the power sector, highlighting support for small hydropower, solar for healthcare facilities, rural electrification with isolated and interconnected mini-grids, and circular economy projects. Isopi confirmed that these projects would commence soon.
Isopi also used the opportunity to invite the minister to the upcoming inauguration of two projects funded by the EU and implemented by the United Nations Industrial Development Organization (UNIDO).
Responding, the minister, who received the ambassador in company of his Chief Technical Advisor, Mr Adedayo Olowoniyi , expressed appreciation to the EU for the support it has been giving to the sector.
Adelabu said that more support was needed to address the enormous challenges in the sector.
He said that the issue of liquidity was the main problem that the government is trying its best to resolve.
The minister said that the market would only be sustainable and run efficiently when there is a cost reflective tariff in place.
According to him, he was pleased with the EU programmes for the sector and confirmed their alignment with the ministry’s strategy.
The minister promised to work with the EU on its programmes especially on small hydro and state electrification projects within the new Electricity Act.
The EU’s commitment to investing €37 million in Nigeria’s power sector reflects a broader partnership between the EU and Nigeria aimed at promoting sustainable development, economic prosperity, and social inclusion. Through collaboration with the Nigerian government, international organizations, and other stakeholders, the EU seeks to leverage its expertise, resources, and technical assistance to address the underlying challenges facing the power sector and unlock its full potential as a driver of economic growth and social progress.
Moreover, the EU’s investment in Nigeria’s power sector is not only a testament to the strength of the EU-Nigeria partnership but also a demonstration of the EU’s broader commitment to supporting sustainable development and poverty reduction in Africa. By investing in critical sectors such as energy, the EU aims to contribute to the continent’s efforts to achieve the United Nations Sustainable Development Goals and build a prosperous and resilient future for all Africans.
