EU Plans Fresh €37m Investment In Power Sector

The European Union has disclosed plans to invest additional €37 million to boost hydropower, solar for health care facilities and rural electrification with isolated and interconnected mini-grid projects, among others.

This is apart from €200 million grants invested in the sector since 2008.

The EU ambassador to Nigeria, Samuela Isopi,  disclosed this during a visit to the minister of Power, Adebayo Adelabu in Abuja.

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

During the visit, the ambassador spoke on the EU’s various intervention programmes in the power sector stating that “the current support would cover small hydropower, solar for health care facilities, rural electrification with isolated and interconnected mini-grids project, circular economy in power sector project. the projects will commence this year.”

In his remarks, the minister who commended the EU delegation for their continued support, said that Nigeria was in need of more support to address the enormous challenges in the sector.

He identified liquidity issues as the main problem that the government was working to resolve and added that the Nigerian electricity supply market will only be sustainable and run efficiently when there is a cost-reflective tariff in place.

According to him, EU programs were in alignment with the Ministry’s strategy for the sector.