The European Union (EU) has disclosed its plan to inject €37 million into Nigeria’s power sector.
Ambassador Samuela Isopi, the EU Head of Mission to Nigeria, revealed this during her visit to the Minister of Power, Mr. Adebayo Adelabu, in Abuja on Friday.
Accompanied by Mr. Luca Massimo, the new Head of Cooperation of the EU, and Mr. Godfrey Ogbemudia, Programme Manager on Energy, Isopi stated that this investment is separate from the approximately €200 million in grants that the EU has already invested in the sector since 2008.
Isopi elaborated on the EU’s ongoing intervention programs in the power sector, highlighting that the current support will focus on small hydro-power and solar installations for healthcare facilities.
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Additionally, the intervention will encompass rural electrification through isolated and interconnected mini-grid projects and circular economy initiatives. She affirmed that these projects would kick off soon.
During the meeting, Isopi extended an invitation to the minister for the inauguration of two EU-funded projects implemented by the United Nations Industrial Development Organisation (UNIDO).
In response, Minister Adelabu, accompanied by his Chief Technical Advisor, Mr. Adedayo Olowoniyi, expressed gratitude to the EU for its consistent support of the sector.
He emphasized the need for continued assistance to tackle the sector’s significant challenges, particularly liquidity issues.
Adelabu stressed that a sustainable and efficient market would only be achievable with a cost-reflective tariff structure in place.
The minister praised the EU’s programs for their alignment with the ministry’s strategy and assured collaboration on initiatives such as small hydro and rural electrification projects, in line with the new Electricity Act.