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EU Kicks Off N1.3bn Nigeria Green Economy Project

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July 03, (THEWILL) – The European Union (EU) has inaugurated the ‘Team Europe Initiative (TEI) Nigeria Green Economy’ project aimed at stimulating sustainable climate-smart agriculture and renewable energy for economic growth and diversification.

The EU ambassador to Nigeria and Economic Community of West African States (ECOWAS), Ms Samuela Isopi, unveiled the project at the 8th EU-Nigeria Business Forum tagged: “Nigeria and the New Economy” on Friday, in Lagos.

The News Agency of Nigeria (NAN) reports that members of the TEI Green Economy Project are: Denmark, France, Germany and the Netherlands.

According to the ambassador, the TEI Green Economy consists of 60 projects of different nature to be executed across the agricultural and energy sectors by 2027 and is valued at 1.3 billion Euros.

Isopi said the project was aimed at improving the competitive advantage of Nigeria’s agriculture and energy sectors, with emphasis on access to clean and renewable energy as well as job creation, skills and capacity development.

She added that the project was a result of collaborative efforts with the EU and member states, private and public sectors and the development financial institutions.

She assured continued support for the Nigerian government in the implementation of its economic diversification policies and new partnerships with the private sector.

“In line with the EU’s Green Deal, the Green Economy Initiative will support the Nigerian government’s efforts to diversify the economy by combining support to enhance access to renewable energy for productive uses and boosting the development of the agricultural sector.

“Collectively, the actions will help Nigeria attain the SDGs and put the country on a sustainable development path.

“The initiative will offer support in areas of expertise and strong European contribution such as climate-smart agriculture, technological and digital solutions, vocational training, employment and entrepreneurship creation as well as access to sustainable energy,” she said.

She said the TEI would forge new partnerships with member states interested in supporting Nigeria’s circular economy efforts.

Ms Inga Stefanowicz, EU Team Leader, Green and Digital Economy in Nigeria, said the European Investment Bank (EIB) and the European Development Financial Institutions would assist various players in the value-chains in the agricultural and energy sectors.