EU
July 5, 2022
The European Union (EU) and its development finance institutions will provide Nigeria with 1.29 billion euros ($1.3 billion) to help Africa’s most populous country diversify its economy away from oil, a document from the bloc showed on Monday.
Nigeria has been trying to broaden its economy and exports outside the oil sector, which accounts for about 7% of Nigeria’s gross domestic product and 90% of its foreign currency earnings.
“In parallel, the EIB (European Investment Bank) sovereign lending will support the agri-food sector access to markets by financing rural roads, as well as climate adaptation and mitigation efforts,” the EU said.
About 57 projects, including nature-based measures to reduce climate change vulnerability, combating deforestation and desertification, and a waste-to-energy initiative in the southern Cross River state will receive funding, the EU said.
REUTERS
