The EU Ambassador to Nigeria, Samuela Isopi, revealed that the EU intends to invest €37 million in Nigeria’s beleaguered electricity sector.
Isopi revealed this to Minister of Power Adebayo Adelabu, according to a statement released by the government on Friday.
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The planned €37 million investment was not the same as incentives of almost € 200 million given by the European Union to the industry since 2008.
The new EU Head of Cooperation, Mr. Luca Massimo, and the Program Manager on Energy, Mr. Godfrey Ogbemudia, were reportedly with the EU ambassador.
Speaking about the EU’s numerous power sector intervention programs during the visit, the ambassador added that small hydropower and solar projects for healthcare facilities will be covered by the existing funding.
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According to Isopi, the new intervention will also address the circular economy in the power sector project as well as rural electrification through separate and linked mini-grid projects.
The statement also stated, “She (Isopi) said the projects would commence this year.”
In his response to the EU team, Adelabu stated that the primary issue the government was attempting to address was the lack of cash in Nigeria’s power sector.
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The Minister committed to cooperating with the EU on its projects, particularly the state electrification and small hydropower initiatives included in the new Electricity Act.
Despite being privatized in 2013, the Nigerian Electricity Supply Industry has faced difficulties over the past 10 years, including power disruptions. This was noted by furucinovel.
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