Nigeria, others to get €150bn EU fund

The European Union (EU) has said that it will through its special purpose vehicle – Global Gateway initiative disburse €150 billion in four years  in a bid to further enhance infrastructural development in Nigeria and other African countries.

The initiative, it said, will enable Nigeria to achieve enhanced infrastructure connectivity, including transport, energy, and digital networks; support agriculture, economic growth, health and education; promote sustainable development and environmental protection; and foster cooperation and partnerships with Nigeria and other partner countries.

Head of Cooperation, EU Delegation to Nigeria and ECOWAS, Massimo De Luca, who disclosed this during a media briefing in Lagos State, explained that the initiative is deliberately designed to enhance connectivity, promote sustainable development, and strengthen economic ties between the EU and its partner countries, including Nigeria.

He said, “In Nigeria, the initiative is supporting the following sectors: Digital, climate and energy, transport, education and research, and health. The EU has projects in Nigeria and in the region. During the period of 2021 to 2024, as EU Delegation in Nigeria, we implemented about €700 million in cooperation from the EU in Nigeria alone.

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“Our activities in Nigeria are very important. The EU, plus the EU member states with embassies in Nigeria  here in Nigeria, in Abuja in particular, together, we still represent the biggest donor partner for Nigeria.

“For the EU, over the last two years, the focus has been very much on what we call the Global Gateway. Global Gateway is indeed a massive initiative. It is about €300 billion in finance to be deployed mostly in Africa, but also in other developing countries in Latin America and Asia.”

De Luca explained that the EU, through the Global Gateway initiative, instead of focusing solely on capacity building, technical assistance, and trying to lift up the capacity of the country in specific areas.