The European Union (EU) has announced a significant investment of 37 million Euros into Nigeria’s power sector to enhance infrastructure and address critical energy needs.
EU’s Head of Mission to Nigeria, Amb. Samuela Isopi, disclosed this during a visit to the Minister of Power, Mr. Adebayo Adelabu, in Abuja.
Ambassador Isopi, accompanied by Mr. Luca Massimo, the new Head of Cooperation of the EU, and Mr. Godfrey Ogbemudia, Programme Manager on Energy, highlighted that the investment is part of the EU’s ongoing commitment to supporting Nigeria’s power sector.
This funding supplements the approximately 200 million Euros in grants that the EU has already injected into the sector since 2008.
The investment is set to cover various critical areas within the power sector, including small hydro-power and solar installations for healthcare facilities.
Also, rural electrification projects involving isolated and interconnected mini-grids will be initiated, along with efforts toward circular economy initiatives.
Minister Adelabu expressed gratitude for the EU’s continuous support and emphasized the need for more assistance to tackle the challenges facing the sector, particularly liquidity issues.
He underscored the importance of implementing cost-reflective tariffs for the sector’s sustainability and efficiency.
Adelabu affirmed the ministry’s alignment with the EU’s programs and pledged collaboration for projects outlined under the new Electricity Act.