EU unveils €1.3b green economy projects for Nigeria

The European Union (EU), 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.

The EU member countries involved in the TEI Green Economy Project are Denmark, France, Germany and the Netherlands. She said the TEI Green Economy valued 1.3 billion Euros consists of 60 projects of different nature to be executed across the agricultural and energy sectors by 2027, adding that the 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.

Ms. Isopi said the projects are the result of collaborative efforts with the EU and member states, private and public sectors and the development financial institutions, assuring the EU-block continued support for Nigerian 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 its 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 Sustainable Development Goals (SDGs) and put the country on a sustainable development path.

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