The European Union (EU) and development finance institutions will provide $1.4 billion in funding to Nigeria aimed at cutting West Africa’s biggest economy’s reliance on oil.
The funds for agriculture, climate and digital projects will help Africa’s largest oil producer, “achieve low carbon, resource-efficient and climate-resilient development, creating jobs for youth and economic growth,” EU ambassador to Nigeria and the Economic Community of West African States, Samuela Isopi said at a conference in Lagos.
Nigeria, Africa’s largest economy, is encouraging investments in agriculture and technology-based infrastructure to reduce its dependence on oil and accelerate growth.
While crude contributes about 7 per cent to the country’s gross domestic product, it accounts for nearly all foreign-exchange earnings and more than half of government revenue.
The funding will support 60 projects through to 2027, Isopi said in an interview. They include a fish farm in the southwestern Ogun State and a waste-to-energy initiative in the southern Cross River state, according to a document emailed by the EU.