ABUJA (Reuters) – The European Union and its development finance institutions will provide 1.29 billion euros to Nigeria to help the West African country of nearly 13 million diversify its economy, according to a document.
Nigeria is trying to diversify its economy and its exports, while the oil sector accounts for 7% of the country’s gross domestic product (GDP) and 90% of its foreign exchange earnings.
The funds will be disbursed until 2027 through the “Green Deal” and will be used, among other things, to improve access to renewable energy and to accelerate the development of agriculture.
“European Investment Bank (EIB) sovereign loans will support agribusiness sector access to markets by financing rural roads, as well as climate change adaptation and mitigation efforts “, specifies the EU.
About 57 projects, aimed in particular at reducing vulnerability to climate change, combating deforestation and desertification, and energy recovery from waste, will receive funding, the EU announced.
(Report MacDonald Dzirutwe; French version Camille Raynaud)
Copyright © 2022 Thomson Reuters