The European Union (EU) has announced its plan to invest €37 million in Nigeria’s solar and hydropower systems across the country’s six geo-political zones. The investment is specifically targeted at enhancing healthcare facilities and fostering rural development.
The EU Head of Mission to Nigeria, Ambassador Samuela Isopi, said the EU’s various intervention programs in the power sector will focus on small hydro-power and solar energy for healthcare facilities. She stated this during a visit to the Minister of Power, Adebayo Adelabu at the weekend in Abuja.
This decision comes as the Federal Government grapples with challenges in the power sector, especially with liquidity issues being a key concern. Adelabu had noted the importance of more assistance in tackling the challenges during the discussions with the EU officials.
The Explainer gathered that during the EU-Nigeria Strategic Meeting in October 2023, the European Commissioner for International Partnerships, Jutta Urpilainen announced a similar financial package of €900 million. The proposed investment aims to advance Nigeria’s green, resilient, and inclusive transition, which aligns with both Nigeria’s priorities and EU strategic objectives.
While such investments hold promise for addressing energy challenges and driving socio-economic development in Nigeria, their success depends on effective implementation and transparent governance mechanisms. As Nigeria seeks to harness renewable energy sources for sustainable development, partnerships with the EU and other international organisations play a crucial role in achieving these objectives.
