Amid a huge debt profile, Nigeria gets a $1.3bn EU offer, to help the country diversify its economy away from oil.
According to Reuters, Nigeria gets a $1.3bn EU offer that will be provided until 2027 under the EU’s “Green Deal” initiative and will, among other things, focus on enhancing access to renewable energy and boosting the development of the agricultural sector.
Nigeria has been trying to broaden its economy and exports outside the oil sector, which accounts for about seven percent of Nigeria’s gross domestic product (GDP) and 90 percent of its foreign exchange (forex) earnings.
Also Read: Insurgency has killed 6,895 persons in one year, 1,000 students kidnapped
“In parallel, the European Investment Bank (EIB) sovereign lending will support the agri-food sector access to markets by financing rural roads, as well as climate adaptation and mitigation efforts,” the EU said.
Check Out: Gunmen Kill Policeman, Kidnap Chinese National In Kwara
About 57 projects, including nature-based measures to reduce climate change vulnerability, combating deforestation and desertification, and a waste-to-energy initiative in Cross River State will receive funding, the EU stated.