Stories by Prince Okafor
THE European Union (EU) has disclosed its readiness to support renewable energy investments in Nigeria.
In an interview with Vanguard, at the sideline of the just concluded Nigeria Energy Forum, NEF, in Lagos, the Head of Europen Union Delegation to Nigeria and Economic Community of West Africa States, ECOWAS, Mr. Ketil Karsen, said: “The EU will be there to work alongside Nigeria as partners in this important challenge. Lack of access to modern, sustainable and affordable energy can reverse development and result in increased inefficiencies at all levels.”
He said: “Looking at the Nigeria energy sector is absolutely vital. Nigeria has a population growth, a lot of energetic private sector initiatives and entrepreneurs in the country.
“For the EU, this is another opportunity for us to show how much support we are giving to this initiatives. We have put aside significant funding.
“We launched a new window through what is called Electrification Financing Initiative, ElectriFI, with 30 million euros specifically for Nigeria, coming in addition to the 165 million euros, we had already provided.”
Also, the Chief Executive Officer, All On, Mr. Wiebe Boer, said: “The government has done its part, putting in place the right regulations, securing significant capital from the World Bank, the African Development Bank and others, and supporting private sector actors in important ways.
“Every major development partner in Nigeria is contributing as well in an increasingly coordinated and collaborative manner. International players who two to three years ago were sipping tea and going on Safaris in East Africa with no plans for Nigeria are rushing in.
“There is the AfDB’s Off-Grid Energy Fund. DeutscheBank is coming with a debt fund. Sterling Bank is the first Nigerian commercial bank to lend to space in a serious way.”