EU to invest €150 million in Nigeria’s power sector.

  • November 4, 2016

5th European Union-Nigeria Business Forum (EUNBF) to be held next week in Lagos will primarily focus on identification of opportunities in textile industry in extension to the previous announcement made by European Union to spend €150 million ( N50 billion) on the betterment and advancement of the power sector of Nigeria.

The grant will be utilized to train young engineers and fund the technical facet of the power sector of the country, said Ambassador and Head of Delegation of EU to Nigeria and ECOWAS, Michel Arrion at the pre- event news conference.

He said that EU plans to team up with National Power Training Institute of Nigeria (NAPTIN) to infuse young engineers into the sector. Further adding that energy sector is a significant segment of nation’s economy.

“The EU is already financing a transmission project in Kastina State, and we have spent over €5 million (about N1.6 billion) on it,’’ he said.

EUNBF is a synergetic effort of EU and the other member states of Nigeria, held every year since 2012.

 2016 EUNBF will be held in Lagos from November 10-11. The theme of this year’s forum is “Harnessing Nigeria’s Potential for Economic Growth.”Minister of Budget and National Planning, Senator Udoma Udo Udoma, and the State Secretary, Ministry of Foreign and European Affairs, Slovak Republic, Lukas Parizek, will be attending the forum.

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