Amidst huge economic challenges facing Nigeria, the country is set to get ₦728 billion financing from the European Union for developmental projects. Agreements for the EU Loans was concluded on Thursday. 

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To consolidate this deal, Nigeria and the European Union signed financing agreements to the tune of over 900 million Euros (₦728 billion).

The agreements which are in form of EU loans and grants are for developmental projects.

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According to the government, these projects cut across various sectors of the economy.

Nigeria and EU signed the agreements at EU-Nigeria Strategic Dialogue in Abuja.

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Basically, the EU loan agreements formed a central part of the EU-Nigeria cooperation.

It is aimed at advancing the country’s green, resilient, digital inclusive transition under Government priorities and Global Gateway.

Classification Of Projects

Below is the breakdown of the agreements and areas of support from the EU to Nigeria.

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  • Climate smart agriculture (29 million Euros)
  • Sustainable energy (37 million Euros)
  • Access to health services (45 million Euros) and
  • Under education, support would be provided to youth in the Northwest region (5.4 million Euros), this will contribute to improvements in the teaching profession.

In addition to these areas of support, the second signed agreement will also contribute to building access in the Nigerian social protection safety net (46 million Euros).

Support to border management and reintegration of returnees (28.4 million Euros).

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Support to the disarmament, demobilisation and reintegration of Boko Haram combatants in the Northeast region (20 million Euros).

Furthermore, there will also be support that will cater to the improvement of the criminal justice system.

Also, 30 million Euros will go to the improvement of access to justice and the fight against corruption.

Other expected signings are financing agreement for the completion of the Lagos Inland waterway project- €130 and development Bank of Nigeria lending to innovative and green SMEs in Nigeria €200.

Access to Agric-market rural roads €150 and another €20m for Husk renewable energy to finance construction of about 150 small PV-hybrid mini-grids with a total PV capacity of 15 MWp.

This initiative will benefit some 54,000 households and 6,000 SMEs in Nigeria.

EU-Nigeria Relations: Vibrant And Beneficial

Also, the European Commissioner for International Partnerships, Jutta Urpilainen, said EU would continue to invest in the country’s area of priorities.

Some of them are security, democracy and prosperity for all.

“Building on our long-standing cooperation, and in the best spirit of shared responsibility, commitment and accountability, the EU will continue to invest in our common future and priorities of security.”

Jutta said “the loans and grants I am signing and launching here today will benefit the Nigerian businesses, farmers, youth and the society as a whole”.

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Also, the Minister of Budget and Economic Planning, Abubakar Bagudu, described the EU -Nigeria relations as one of the most vibrant development partnerships in terms of volume.

Beyond volume, the thematic interventions, and geographical spread in deployment of resources are highly beneficial to Nigeria.

“The EU-Nigeria Strategic Dialogue is happening at the take-off of the current administration in Nigeria and presents opportunities for proper articulation and consolidation of priorities in our Partnership,” he said.

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