EU to invest 40 mln U.S. dollars in Nigeria's power sector

Abuja [Nigeria], February 17: The European Union (EU) on Friday pledged a significant investment of 37 million euros (about 40 million U.S. dollars) to bolster Nigeria's power sector.
The announcement was made during a meeting between Samuela Isopi, head of the EU Delegation to Nigeria, and Minister of Power Adebayo Adelabu in Abuja, in which Isopi said this financial commitment stands apart from the approximately 200 million euros (216 million dollars) in grants that have been injected into Niger's power sector since 2008.
The newly pledged support aims to address critical areas within the sector, focusing on enhancing infrastructure and accessibility, Isopi noted, saying the allocated funds will specifically target initiatives such as the development of small hydropower and solar energy solutions tailored for healthcare facilities.
The investment will extend to rural electrification projects, encompassing both isolated and interconnected mini-grids, the EU envoy said.
She said the EU plans to integrate circular economy principles into these endeavors to promote sustainability and efficient resource utilization.
During the meeting, Adelabu said more support is needed to address the challenges facing Nigeria's power sector.
The Nigerian government announced on Wednesday plans to end subsidies on electricity in a significant policy shift aimed at addressing economic challenges.
The EU's commitment to investing in Nigeria's power sector highlights the significance of international partnerships in fostering economic development and improving the quality of life for citizens, Adelabu added.
Source: Xinhua