July 1 (EUROPA PRESS) –
The European Union (EU) and other development finance institutions and entities have promised Nigeria up to 1.3 billion euros in funds aimed at reducing its dependence on oil.
The EU ambassador to Nigeria and to the Economic Community of West African States (ECOWAS), Samuela Isopi, has announced that this funding will go to agricultural, climate and digital projects to help Nigeria “achieve low-carbon development”. carbon” and “resource efficient”.
With this, it is sought that Nigeria, the largest oil producer in Africa, can be resilient to the climate and capable of creating new jobs for young people “for the benefit of the country’s economic growth”, according to Isopi during a press conference. in Lagos.
This financing will be divided among a total of 60 projects until 2027, Isopi has highlighted, among them the creation of a fish farm in the southwest of Ogun state and a waste-to-energy initiative in the south of Cross River state, according to the EU has made known, reports the Bloomberg agency.
Nigeria, Africa’s largest economy, is trying to jump-start new investments in agriculture and infrastructure based on new technologies to reduce its dependence on oil and accelerate growth.
While crude contributes about 7 percent of the country’s GDP, it accounts for almost all foreign exchange earnings and more than half of government revenue.
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