EU $1.3 billion seeks to wean country from oil economy

Robert Besser
07 Jul 2022, 06:12 GMT+10

A document released by the European Union this week revealed that the bloc and its development finance institutions will deliver €1.29 billion ($1.3 billion) to Nigeria
The fund, which will be provided until 2027 under the EU's "Green Deal" initiative, seeks to enable Africa's most populous country to broaden its economy and diversify away from oil
The initiative will also focus on facilitating access to renewable energy and ensure agricultural development

BRUSSELS, Belgium: A document released by the European Union this week revealed that the bloc and its development finance institutions will deliver €1.29 billion ($1.3 billion) to Nigeria.

The fund, which will be provided until 2027 under the EU's "Green Deal" initiative, seeks to enable Africa's most populous country to broaden its economy and diversify away from oil, which accounts for some 90 percent of its foreign currency earnings and 7 percent of its gross domestic product.

The initiative will also focus on facilitating access to renewable energy and ensure agricultural development.

In a statement, the EU said, "In parallel, the 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 initiative, which involves some 57 projects, includes nature-based measures to reduce the effects of climate change and combat deforestation and desertification, as well as a waste-to-energy initiative in the southern Cross River state, the statement added.

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