Home » Nigeria and EU Ink €900m Pacts for Transformative Projects

Nigeria and EU Ink €900m Pacts for Transformative Projects

by Victor Adetimilehin

Nigeria and the European Union have sealed agreements worth over €900 million in a significant move towards advancing developmental projects. This historic accord was formalized during the EU-Nigeria Strategic Dialogue held in Abuja, signifying a shared commitment to bolster Nigeria’s green, resilient, and digitally inclusive transformation under Government Priorities and Global Gateway.


The first agreement, a product of collaboration between the EU and Nigeria, is poised to launch new initiatives via the Global Gateway framework. It allocates funding to vital sectors as follows: €29 million for climate-smart agriculture, €37 million for sustainable energy, €45 million for improved access to health services, and €5.4 million to support education and youth development in the North-West region.


In parallel, the second agreement, valued at €46 million, contributes to enhancing social protection, border management, reintegration of returnees, disarmament, demobilization, and reintegration of Boko Haram combatants in the North-East region, along with efforts to improve the criminal justice system and combat corruption.


Furthermore, the third finance agreement takes the form of a loan extended to two Nigerian private entities and banks by the European Investment Bank, as part of the Global Gateway strategy. This includes a €50 million “2X challenge” credit facility designed to empower female entrepreneurs and managers in Nigeria, fostering job creation and growth in alignment with green economy priorities. An additional €14 million loan is designated for Emzor Active Pharmaceutical Ingredients to construct a manufacturing plant for the production of anti-malarial drugs.


Jutta Urpilainen, the European Commissioner for International Partnerships, reaffirmed the EU’s commitment to investing in security, democracy, and prosperity. She emphasized the significance of their partnership with Nigeria and the launch of new actions, aligning with the Global Gateway strategy to benefit Nigerian businesses, farmers, youth, and society at large.


Abubakar Bagudu, the Minister of Budget and Economic Planning, highlighted the robust EU-Nigeria relations, describing them as one of the most dynamic development partnerships in terms of volume, thematic interventions, and geographical reach of resources. He also noted the timely nature of the EU-Nigeria Strategic Dialogue in aligning priorities with the current Nigerian administration.


This momentous agreement between Nigeria and the European Union signifies a crucial step in their shared journey toward economic development, sustainability, and prosperity. It reflects a profound commitment to enhancing the lives of Nigerian citizens, promoting gender equality, and supporting vital sectors critical for the nation’s growth and resilience. This partnership paves the way for transformative projects that hold the potential to positively impact communities, create jobs, and improve living standards, contributing to a brighter and more prosperous future for all.


Source: [Punch]

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