- The project is developed under the Team Europe Initiative (TEI).
- The project will boost Nigeria’s renewable energy development and diversification efforts.
The European Union (EU), under the Team Europe Initiative (TEI), is launching a $1.35 billion Nigerian Green Energy Project. The EU Ambassador to Nigeria and Economic Community of West African States (ECOWAS), Samuela Isopi, announced this during the unveiling of the project at the 8th EU-Nigeria Business Forum themed Nigeria and the New Economy, which was held in Lagos.
Isopi, while commending Nigeria’s resilience in the face of the current global challenges, said the initiative aims to assist Nigeria in achieving a low carbon, resource-efficient and climate-resilient development, job creation for youths and economic growth. In addition, it will focus on climate-smart agriculture, circular and digital economy and improve the competitive advantage of Nigeria’s agriculture.
She revealed that the members of the TEI Green Economy Project include Denmark, France, Germany and the Netherlands, adding that 60 different projects will be executed across the agricultural and energy sector’s value chain. Isopi noted that work was already underway and will continue through 2027. She further assured stakeholders that the EU would continue to support the Nigerian government in implementing its economic diversification policies and new partnerships with the private sector.
Commending the initiative, the Minister of Agriculture and Rural Development, Dr Mohammad Abubakar, said that the agricultural sector had the largest potential to diversify the economy and provide the broad-based growth necessary for development as a “new growth engine.”