By Akinsuroju Olubunmi
Nigeria and EU seal €900m deals for developmental projects
Nigeria and EU Ink €900m deals for developmental endeavors
Nigeria and the European Union (EU) have formalized financial agreements exceeding €900 million for various development projects. The accords were ratified during the EU-Nigeria Strategic Dialogue held in Abuja, signifying a crucial stride in their cooperative efforts to drive Nigeria’s transition towards a greener, more digitally inclusive, and resilient future.
The initial pact, conceived collaboratively by the EU and Nigeria, earmarks funds for diverse programs within the Global Gateway initiative, encompassing climate-smart agriculture (€29 million), sustainable energy (€37 million), access to healthcare services (€45 million), and educational support for youth development in the North-West region (€5.4 million).
Moreover, the second accord, valued at €46 million, will contribute to bolstering access to Nigerian social protection systems. It will also aid in border management, support the reintegration of returnees (€28.4 million), assist in the disarmament, demobilization, and reintegration of Boko Haram combatants in the North-East region (€20 million), and further the improvement of the criminal justice system, access to justice, and the anti-corruption campaign (€30 million).
In a significant move, the third financial agreement involves a loan extended to two Nigerian private companies and banks by the European Investment Bank, aligning with the Global Gateway strategy. This encompasses a €50 million credit facility, known as the “2X challenge,” dedicated to female entrepreneurs and managers in Nigeria, anticipated to foster job creation and growth in line with green economy priorities. The second tranche of €14 million supports Emzor Active Pharmaceutical Ingredients in the establishment of a manufacturing plant for anti-malarial drugs.
Jutta Urpilainen, the European Commissioner for International Partnerships, affirmed the EU’s ongoing commitment to invest in security, democracy, and prosperity for all. She emphasized the significance of the new actions outlined in the Global Gateway strategy and EU support for Nigerian government priorities.
Nigeria’s Minister of Budget and Economic Planning, Abubakar Bagudu, underscored the robust nature of EU-Nigeria relations, characterizing it as one of the most vibrant development partnerships in terms of scope, thematic interventions, and geographic reach in resource deployment. He emphasized the strategic importance of the EU-Nigeria Strategic Dialogue, particularly in aligning and consolidating priorities within their partnership