The European Union (EU) has affirmed its dedication to invest €37 million in Nigeria’s power sector. This announcement came from Ambassador Samuela Isopi, the EU Head of Mission to Nigeria, during her visit to Mr. Adebayo Adelabu, the Minister of Power, in Abuja on Friday.
Accompanied by Mr. Luca Massimo, EU’s Head of Cooperation, and Mr. Godfrey Ogbemudia, Programme Manager on Energy, Ambassador Isopi revealed that this funding supplements the approximately €200 million in grants already injected into the sector since 2008. She clarified that the current assistance will primarily target small hydropower and solar projects for healthcare facilities.
Moreover, the EU’s involvement will encompass rural electrification through isolated and interconnected mini-grid initiatives, along with circular economy projects. Ambassador Isopi stressed that these endeavors are scheduled to kick off shortly.
Furthermore, she extended an invitation to the minister for the forthcoming inauguration of two EU-funded projects executed by the United Nations Industrial Development Organization (UNIDO).
Minister Adelabu, accompanied by his Chief Technical Advisor, Mr. Adedayo Olowoniyi, expressed appreciation for the EU’s consistent support in the sector. He delineated the sector’s challenges, particularly emphasizing the necessity for additional assistance.
Minister Adelabu pinpointed liquidity as a primary concern and assured that the government is actively tackling it. He highlighted the importance of a cost-reflective tariff for ensuring the market’s sustainability and efficiency.
The minister commended the EU’s initiatives aligned with the ministry’s strategy and pledged collaboration, particularly concerning small hydro and state electrification projects outlined in the new Electricity Act.