EU to invest 165 million Euros in Nigeria’s renewable energy entrepreneurs

LAGOS, Nigeria – The European Union (EU) has revealed plans to invest in entrepreneurial ideas that will boost renewable energy in Nigeria. The Head of the EU Delegation to Nigeria and the Economic Community of West African States, Ketil Karlsen, made this known at the Union’s ‘Green Event’, saying that the EU would continue to support all efforts toward ensuring that Nigeria meets its target of 30 percent energy mix by 2030.

He said the Union was enabling communities in Nigeria to harness solar power to generate renewable energy,  and that the EU had set aside €165m for intervention in the energy sector to improve access to over 90 million Nigerians and business owners without access to clean and affordable energy.
 
Karlson said, “So, already, there is so much to do to have access to energy to provide electricity to hospitals, health facilities, schools and for businesses. This is because by the end of the day, without having affordable energy supply, businesses will not be competitive. They will not be able to compete with other countries.

“We look for investment projects and opportunities to invest in young dynamic entrepreneurs that have the great ideas to boost the use of renewable energy. So, it is about finding the right formula that will allow that development to take place; that will allow that job creation to take place.’’

Stating that the EU would help in developing best practices for renewable energy in the country, Karlsen explained that ensuring the use of renewable energy should be done in a manner that would not affect the environment.

“It should be done in a manner where we do not add to the already existing climate change in Nigeria and elsewhere. So, this is the resounding message that we are giving today; take this matter seriously,” he said. Source Powernewsletter