The European Union (EU) has announced its intention to invest €37 million in Nigeria's power sector. Ambassador Samuela Isopi, the EU Head of Mission to Nigeria, disclosed this during a visit to the Minister of Power, Mr. Adebayo Adelabu, 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 highlighted that this investment is separate from the approximately €200 million in grants that have been invested in the sector since 2008.
Isopi outlined the EU's intervention programs in the power sector, which will include support for small hydro-power and solar projects for healthcare facilities, rural electrification through isolated and interconnected mini-grids, and circular economy initiatives. These projects are expected to commence soon.
During the visit, Isopi also invited the minister to the upcoming inauguration of two projects funded by the EU and implemented by the United Nations Industrial Development Organization (UNIDO).
In response, Minister Adelabu expressed gratitude for the EU's support and emphasized the need for continued assistance to address the sector's significant challenges. He highlighted liquidity as a major issue that the government is working to resolve, noting that a cost-reflective tariff is essential for the market's sustainability and efficiency.
Adelabu praised the EU's programs for the sector, noting their alignment with the ministry's strategy. He pledged to collaborate with the EU on its initiatives, particularly in small hydro and rural electrification projects under the new Electricity Act.
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