How Nigeria-EU’s N728bn Agreements Will Drive Development Programmes

The €900 million (N728 billion) agreements between Nigeria and the European Union (EU) have the potential of driving programmes across the country, especially in the areas of education, energy agriculture, amongst others.

The agreements which were signed at the EU-Nigeria Strategic Dialogue in Abuja last week, formed a central part of the EU-Nigeria cooperation to advance the country’s green, resilient, digitally inclusive transition under the Government Priorities and Global Gateway.

The Government priorities and Global Gateway is the EU positive offer to deliver sustainable and trusted connections with partner countries which Nigeria is one of them.

Developed jointly between the EU and Nigeria, the package will drive new programmes through Global Gateway, including: climate smart agriculture (€29 million), sustainable energy (€37 million) Access to health services (€45 million).

The package also has the education component with support to youth and education development in the North West region (€5.4 million) which will be launched to contribute to policy improvement of the teaching profession and the capacity building of teachers.

In addition to these areas of support, the package will also contribute to building access in the Nigerian social protection safety net (€46 million), support to border management and reintegration of returnees (€28.4 million), support to the disarmament, demobilisation and reintegration of Boko Haram combatants in the North East region (€20 million).

The agreements are to further  support the improvement of the criminal justice system, access to justice and the fight against corruption (€30 million).

Another signed agreement was loans issued to two Nigerian private companies and banks by the European Investment Bank, as part of the Global Gateway strategy.

This includes a “2X Challenge”  €50 million credit facility with Access Bank for loans to female entrepreneurs and managers in Nigeria, expected to create jobs and growth in line with the green economy priorities.

The second €14 million loan is for Emzor Active Pharmaceutical Ingredients to finance the construction of a manufacturing plant for the production of anti-malarial drugs.

The European Commissioner for International Partnerships, Jutta Urpilainen said at Strategic Dialogue which coincided with signing of agreements that the EU would continue to invest in priorities of security, democracy and prosperity for all.

Urpilainen said the package of loans and grants signed and launched will benefit the Nigerian businesses, farmers, youth and the society as a whole.

“I am delighted to be visiting Nigeria to further strengthen our partnership, and I look forward to launching a package of new actions, as part of the Global Gateway strategy and EU support to Government priorities.

“Building on our long-standing cooperation, and in the best spirit of shared responsibility, commitment and accountability, the EU will continue to invest in our common future and priorities of security, democracy and prosperity for all,” she said.

The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, said the EU-Nigeria Strategic Dialogue which happened at the take-off of the current administration in Nigeria offered opportunities for proper articulation and consolidation of priorities in the partnership.

Bagudu, said: “Today marks yet another milestone in the annals of the EU-Nigeria development cooperation. The EU -Nigeria relations is one of the most vibrant development partnerships in terms of volume, thematic interventions, modalities and geographical spread in deployment of resources.”

The Vice President,  European Investment Bank (EIB) Group, Ambroise Fayolle said the partnership with EMZOR pharmaceutical industries is a significant step towards accelerating treatments against malaria and healthcare access across the region while reducing the dependence on the importation of essential medicines.

“We are proud to accompany the development of a pioneer firm committed to strengthening the antimalarial supply chain and production.

“Supporting entrepreneurship is also at the heart of our action in Africa. With a new credit facility with Access Bank, our objective is to improve access to finance for female entrepreneurs and to stimulate job creation while supporting sustainable business practices aligned with green economy priorities.

“The EIB was the first multilateral development bank to adopt the 2X criteria for gender finance and we congratulate Access Bank’s management for their leadership in this space,” Fayolle added.