By Chinwendu Obienyi
In its bid to stimulate a sustainable climate-smart agriculture and renewable energy and create jobs for economic growth as well as help Nigeria’s diversification efforts, the European Union (EU) at the weekend, inaugurated a €1.3 billion Team Europe Initiative (TEI) – Green Economy project.
The EU Ambassador to Nigeria and Economic Community of West African States (ECOWAS), Ms Samuela Isopi, stated this during the unveiling of the project at the 8th EU-Nigeria Business Forum themed: “Nigeria and the New Economy” which held in Lagos.
Isopi, while commending Nigeria’s resilience in the face of the current global challenges, said the initiative targets to assist Nigeria achieve low carbon, resource efficient and climate resilient development, job creation for youths and economic growth, focusing on climate-smart agriculture, circular and digital economy and improving the competitive advantage of Nigeria’s agriculture.
She revealed that the members of the TEI Green Economy Project include Denmark, France, Germany and the Netherlands, adding that 60 different projects will be executed across the agricultural and energy sectors value chain.
While stating that the project is valued at €1.3 billion, Isopi stated that work was already underway and will span through 2027, the EU current budget perspective.
She further assured stakeholders that the EU will continue to support the Federal Government in the implementation of its economic diversification policies and new partnerships with the private sector.
“In line with the EU’s Green Deal, the Green Economy Initiative will support the Nigerian government’s efforts to diversify the economy by combining support to enhance access to renewable energy for productive uses and boosting the development of the agricultural sector while integrating circular economy principles in the development models. “Collectively, the actions will help Nigeria attain the SDGs and put the country on a sustainable development path.
Commending the initiative, the Minister of Agriculture and Rural Development, Dr Mohammad Abubakar, said that the agricultural sector had the largest potential to diversify the economy and provide the broad-based growth necessary for development as a “new growth engine.”