EU Plans €37m Investment in Nigeria’s Power Sector
The European Union (EU) is set to invest €37 million in the power sector in Nigeria, in addition to the about €200 million grants it has invested in the sector since 2008.
This disclosure was made by the EU ambassador to Nigeria, Samuela Isopi, during a visit to the Minister of Power, Chief Adebayo Adelabu.
She was accompanied by the new Head of Cooperation of the EU, Mr. De Luca Massimo and the Programme Manager on Energy, Mr. Godfrey Ogbemudia.
During the visit, the ambassador spoke on the EU’s various intervention programmes in the power sector, adding that the current support would cover various sources of power supply.
He said they will include small hydro power, solar for health care facilities, rural electrification with isolated and interconnected mini-grids project, circular economy in power sector project.
Noting that the projects will commence this year, Isopi also used the opportunity to invite the minister to an upcoming launch of two projects funded by the EU, which will both be launched on March 26.
Responding, the minister who received the ambassador in company with his Chief Technical Advisor, Mr. Adedayo Olowoniyi , expressed appreciation to the EU for the support they have been giving to Nigeria.
Stressing that more support is needed to address the enormous challenges in the sector, he identified liquidity issue as the main problem that the government is trying its best to resolve.
According to Adelabu, the market will only be sustainable and run efficiently when there is a cost reflective tariff in place.
“Their visit underscores the enduring partnership between Nigeria and the EU in advancing our power sector. Ambassador Isopi’s acknowledgment of our ministry’s efforts and the EU’s support since 2008 is truly heartening. With over €200 million in grants funding various projects, their commitment to Nigeria’s energy landscape is undeniable, ” Adelabu said.
