The European Union has announced plans to invest €37m in Nigeria’s power sector. This disclosure was made by the EU ambassador to Nigeria, Samuela Isopi, during a visit to the Minister of Power, Adebayo Adelabu, stating that the new investment was apart from the €200 million grants invested in the sector since 2008.
Isopi during the visit stated that the current support fund 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, noting that they would all commence this year.
She also used the opportunity to invite 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 expressed his appreciation to the EU for the support they have been giving to the country and sought more support to address the enormous challenges in the sector. He identified the liquidity issue as the main problem the government is facing which it is trying its best to resolve.
Adelabu further said the market would only be sustainable and run efficiently when there is a cost reflective tariff in place.