NIGERIA’S renewable energy sector is to receive a $165 million investment from the European Union (EU) for the country’s Renewable Energy Master Plan which will see the development of several projects.
Speaking to The Nation newspaper, Head of the EU’s delegation to Nigeria and the Economic Community of West African States, Ketli Karlsenn said the investment speaks to the EU’s continued support of the country’s efforts to further implement renewable energy in its energy mix.
‘Nigeria has a huge population and this informed the decision by the EU to support its renewable programme. Renewable is the energy for the future because it is clean, affordable and provides a conducive habitat for the people,’ he said, adding that the investment would improve power access for nearly 90 million people.
Addressing the country’s vast power supply gap, he said, ‘more than 80 million people do not have access to the national electricity grid. A situation that affects people’s standard of living and economic life. Nigeria still has a long way to go in terms of electricity creation, development and consumption. This is why the EU supports energy initiatives in the country.’
The investment will contribute to economic growth, creating jobs through the financing of several youth-led projects in the country’s renewable energy sector.
Launched in 2011, Nigeria’s Renewable Energy Master Plan aims to increase renewable energy in the country 10 percent by 2025.