E.U to invest €37 million in solar and hydro power projects in Nigeria
The European Union (EU) has announced its intent to invest €37 million in solar and hydro power systems aimed at enhancing healthcare centres and rural regions throughout the country.
The EU Head of Mission to Nigeria, Ambassador Samuela Isopi, made this declaration during her visit to the Minister of Power, Mr. Adebayo Adelabu, on Friday in Abuja. She was accompanied by Mr. Luca Massimo, the new Head of Cooperation of the EU, and Mr. Godfrey Ogbemudia, Programme Manager on Energy.
Isopi highlighted that this financial injection is separate from the approximately €200 million in grants previously allocated to the sector since 2008.
She explained that the EU’s various intervention programs in the power sector would focus on small hydro-power and solar energy for healthcare facilities.
The ongoing intervention will also encompass rural electrification through isolated and interconnected mini-grids projects, as well as initiatives promoting circular economy principles.
Isopi emphasized that these projects are slated to commence imminently.
Additionally, she extended an invitation to the minister for the upcoming inauguration of two projects financed by the EU and executed by the United Nations Industrial Development Organization (UNIDO).
Challenges in the power sector
In response, the minister, accompanied by his Chief Technical Advisor, Mr. Adedayo Olowoniyi, expressed gratitude to the EU for its ongoing support to the sector.
Adelabu emphasized the necessity for further assistance to tackle the significant challenges within the sector. He noted that addressing liquidity issues remains a top priority for the government, and efforts are underway to resolve this challenge.
The minister emphasized that achieving a sustainable and efficiently operated market hinges on implementing a tariff structure that reflects the true cost of services.
