EU Announces New €290m Investments In Nigeria

The European Union (EU), on Monday, announced a new investment package of EUR 290 million to be immediately mobilised in seven new operations in digitalisation, health and agricultural value chains, as well as for migration management in the framework of the EU Global Gateway strategy.

This is in the margin of the 8th Ministerial Dialogue held in Abuja, Nigeria, co-chaired by Yusuf Maitama Tuggar, Minister of Foreign Affairs of Nigeria, and Ms Kaja Kallas, High Representative of the EU for Foreign Affairs and Security Policy and Vice-President of the European Commission.

These projects underpin the renewed political ambition expressed by the EU and Nigeria during the Ministerial Dialogue to strengthen the bilateral partnership.

Speaking at the event, Kallas said, “In the current geopolitical context, the European Union is keen to enhance its partnership with Nigeria.

“Bringing more EU investment to Nigeria, aligning with the Renewed Hope agenda for the Nigerian Federal Government, is a key priority for both sides in this regard”.

Jozef Síkela, Commissioner for International Partnerships, further stressed, “Together with Nigeria, we are investing in the modernisation of the digital sector, a stronger health system and in the development of agriculture.

“These Global Gateway investments create new quality infrastructures, sustainable jobs and long-term economic opportunities that benefit the Nigerian people, but also create new opportunities for Europe”.

The package of investments includes an additional EUR 131 million in the digitalisation sector, which will support the upgrade of digital connectivity and enhance digital services and skills, according to a statement by Modestus Chukwulaka, the spokesperson of the EU delegation to Nigeria and ECOWAS.

He said, together with the European Bank for Reconstruction and Development, the EU will contribute to the roll-out of 90,000 km of fiber optic cable across the country to bring a secure and cheaper internet connection to unserved Nigerians.

The statement added that the EU will help develop secure and interoperable digital public infrastructure and data exchange systems for digital services to citizens and in the framework of Nigeria’s 3 million Technical Talent programme, deploy large-scale training and employment initiatives.

He said Team Europe will support a technical and vocational education and training programme to develop the expertise of the Nigerian workforce in the sector.

In agriculture, Chukwulaka said an additional EUR 86 million will provide easier access to finance to local companies in the cocoa and dairy value chains and support Nigerian policy making and implementation for climate-smart agriculture.

A new credit line from the European Investment Bank will provide preferential finance through the Bank of Industry to companies and smallholder farmers engaging in the sustainable production of cocoa and dairy.

On migration, the EU is committing an additional EUR 16 million to support the reintegration of returning migrants and to strengthen the fight against smugglers and traffickers of human beings.