The European Union recently disclosed its readiness to help Nigeria to actualise its renewable energy investment.

Speaking with Vanguard Newspaper at the just concluded Nigeria Energy Forum, the head of Europen Union Delegation to Nigeria and the Economic Community of West Africa States (ECOWAS), Ketil Karsen, said the EU will work alongside with Nigeria as partners in this important project.

“The EU 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.”

Improving the energy sector is vital

According to Mr Karsem, 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.

“Looking at the Nigeria energy sector is absolutely vital. Nigeria has a population growth, a lot of energetic private sector initiatives and entrepreneurs in the country.

“For the EU, this is another opportunity for us to show how much support we are giving to this initiatives. We have put aside significant funding.”

30 million euros mapped out for the project

Speaking further, Mr Karsem said the EU 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.

Other institution supporting the initiative 

Speaking further on this development, the Chief Executive Officer All On Mr Wiebe Boer 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.

“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 space in a serious way.”

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