The funding will cover about 57 projects, including nature based measure to reduce vulnerability, combating deforestation and desertification and a waste to energy initiative in Cross River State. Nigeria will receive 1.29 billion Euros. The European Union (EU) to help diversity it’s economy away from oil. According to Reuters, a document from the EU on Monday showed that the funding will provide until 2027 under the EU’s “Green Deal Initiative” it will among other things, focus on enhancing access to renewable energy and boasting the development of the agricultural sector in the country.
The funding will cover about 57 projects, including nature based measures to reduce climate change vulnerability, combating deforestation and desertification, and a waste to energy initiation in Cross River State. Over the years, the Nigeria government has tried to diversity its economy away from oil but has achieved very little success. Oil revenue account for more than 50 per cent of government earning and 90 per cent of its foreign exchange revenues. Oil and gas contribution to the gross domestic product (GDP) is however less than 10 per cent.
“in parallel, the EIB (European Investment Bank) sovereign lending will support the Agric Food access to markets by financing rural roads, as well as climate adaptation and mitigation efforts,” Reuters Quoted the document as stating.