European Union to Help Fund Nigeria’s Renewable Energy Plans

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The European Union announced its interest to help Nigeria achieve its renewable energy investment plans.

The head of Europen Union Delegation to Nigeria and the Economic Community of West Africa States (ECOWAS), Ketil Karlsen, who announced the development at the Nigeria Energy Forum, said the European Union will work alongside Nigeria as partners.

According to Karlsen, “the European Union will be there to work alongside Nigeria as partners in this important challenge. Lack of access to modern, sustainable and affordable energy can reverse development and result in increased inefficiencies at all levels”.

Karlsen noted that Nigeria has a lot of economic potentials which could be tapped into, with the help of adequate electricity supply. He specifically pointed at the country’s strong population growth, energetic private sector initiatives, and burgeoning entrepreneurship.

He said “looking at the Nigeria Energy sector is absolutely vital. Nigeria has population growth, a lot of energetic private sector initiatives and entrepreneurs in the country. For the European Union, this is another opportunity for us to show how much support we are giving to these initiatives. We have put aside significant funding”.

Speaking further on the issue, Karlsen said the European Union has launched a new window which is called Electrification Financing Initiative or ElectriFI, which has 30 million euros specifically designated for Nigeria, in addition to the 165 million euros they had already provided.

The Chief Executive Officer All On Mr. Wiebe Boer, who also spoke on the development said, “the government has done its part, putting in place the right regulations, securing significant capital from the World Bank, the African Development Bank, and others, and supporting private sector actors in important ways”.

He added that “every major development partner in Nigeria is contributing as well in an increasingly coordinated and collaborative manner. International players who two to three years ago were sipping tea and going on safaris in East Africa with no plans for Nigeria are rushing in. There is the AfDB’s off-grid energy fund, Deutschebank is coming with a debt fund. Sterling Bank is the first Nigerian commercial bank to lend to the space in a serious way”.

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