European Union Intervenes in Nigeria's Economy With $1.3 Billion

European Union Intervenes in Nigeria's Economy With $1.3 Billion

  • The European Union said it is giving Nigeria $1.3 billion, about N546 billion, to diversify its economy
  • The EU said it will provide the funds to help Africa's most populous country move away from oil and earn foreign currency
  • The bloc also stated that about 57 projects, including road construction, access to renewable energy and waste management initiatives, will benefit from the largesse

The European Union and its development finance institutions, on Monday, July 4, 2022, said they will provide Nigeria with 1.3 billion to help Nigeria diversify its economy away from oil, Reuters said, quoting a document from the bloc.

Africa’s biggest economy has been making efforts to broaden its economy and exports apart from the oil sector, which is about 7 per cent of Nigeria’s GDP and 90 per cent of its forex earnings.

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Nigeria, European Union
President Muhammadu Buhari Credit: State House
Source: Facebook

Agricultural sector to get a boost

Reports say the funding, under the bloc’s Green Deal, will be provided until 2027, among other things and will focus on enhancing access to renewable energy and boosting the development of the agric sector.

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The EU stated that the European Investment Bank sovereign borrowing will help the agri-food industry to get access to markets by funding rural roads, including climate adaptation efforts.

About 57 projects which include nature-based measures to reduce climate change vulnerability, fighting deforestation and desertification, and a waste-to-energy plant in the Cross River state will get financing, according to the EU.

Peter Obi predicts Nigeria may default on debt servicing soon as debt stock rises reported that Nigeria is in a dire strait and needs an economically-savvy leader to salvage it from the doldrums, according to the presidential candidate of the Labour Party, Peter Obi.

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In an interview on Arise Television Morning Show on Wednesday, July 6, 2022, which was monitored by, Obi took a swipe at Nigeria’s political class, whom he says plays the ethnic card instead of focusing on rescuing the country’s economy.

Obi said that Nigeria and its economy are in a coma and only barely survive.


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