EU To Boost Nigeria’s Investments In Power Sector With 37 Million Euros

The European Union (EU) has indicated plans to boost Nigeria’s Investments in power sector with 37million euros addition to its earlier 200 million grants already invested in the sector since 2008.

EU ambassador to Nigeria, Samuela Isopi, gave the indication during a visit to the Minister of  Power, Chief Adebayo Adelabu on Thursday.

She was accompanied by the  new Head of Cooperation of the EU, Mr. DE Luca Massimo and the Programme Manager on Energy, Mr. Godfrey Ogbemudia.

Further, the ambassador spoke on the EU’s various intervention programmes in the power sector adding that the current support would cover small hydro power, solar for health care facilities, rural electrification with isolated and interconnected mini-grids project, circular economy in power sector project. She assured that the projects would commence this year.

Ambassador Isopi also invited the Minister to an upcoming launch of two projects funded by the European Union and implemented by UNIDO which will both be launched on March 26.

Responding, the Minister who received the ambassador in company of his  Chief Technical Advisor, Mr. Adedayo Olowoniyi, expressed  appreciation to the EU for the support they have been giving to them.

He added that more support is needed to address the enormous challenges in the sector.

He identified liquidity issue as the main problem that the government is trying its best to resolve and said that the market will only be sustainable and run efficiently when there is a cost reflective tariff in place.

He expressed excitement  with EU programmes for the sector and assured the alignment of these programme with the Ministry’s strategy for the sector.

Further, the Minister  promised to work with the EU on their programmes especially  on Small hydro and  state  electrification  within the new act.