EUR 1.3 billion for a smaller economy

A sum of 1.3 billion euros over five years, this sum, paid by Europeans, must be used to help Nigeria develop “low-carbon resources” as well as “climate resilience by creating jobs for young people”. The announcement was made during the European Union-Nigeria Business Forum held in Lagos at the end of last week. Although Nigeria is Africa’s leading oil-producing country, it is particularly affected by the consequences of climate change and is struggling to reduce inequality and poverty.

The purpose of the payment of this sum is to create economic growth based on smart agriculture, on the circular and digital economy, the European Union Ambassador to Nigeria explained. This initiative brings together sixty projects and measures for access to finance.

Diversify This is about encouraging Nigeria to diversify its economy. The Nigerian Minister of Budget who was present highlighted the Government’s efforts in this direction and called on the private sector to cooperate with the authorities. Because if the oil sector represents about 8% of its GDP and 97% of its foreign exchange earnings, less than 1% of Nigerian workers are employed in mines and extractive industries, a recent report from the World Bank specifies.

“Prosper” Therefore, “creating the conditions for labor-intensive sectors to flourish” is crucial to reducing poverty, this report further clarifies. According to the World Bank, 40% of the population was already living below the poverty line before the covid-19 crisis.

►Also read: Energy: Without electricity, Nigeria is facing an unprecedented crisis

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More