EU Offers Nigeria U.S.$1.3 Billion to Help Diversify Its Economy
The European Union (EU) and its development finance institutions will provide Nigeria with U.S.$1.3 billion to help the country diversify its economy away from oil.
According to Reuters, a document from the EU showed that the funding will be provided until 2027 under the EU's "Green Deal" initiative and will, among other things, focus on enhancing access to renewable energy and boosting the development of the agricultural sector.
The funding will cover about 57 projects, including nature-based measures to reduce climate change vulnerability, combating deforestation and desertification, and a waste-to-energy initiative in Cross River State.
Over the years, the Nigerian government has tried to diversify its economy away from oil but has achieved very little success.
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