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EU announces €37 million investment in Nigerian power sector
- 2 months ago (2024-02-19)
- David Flin
The EU has announced that it intends to invest €37 million into the Nigerian power sector, aiming to address the longstanding issue of inadequate electricity supply in the country. This adds to the €200 million invested into the sector since 2008.
The Smarter E Europe 2024
Nigeria, despite having a notional installed capacity of 13 GW, struggles with a low availability rate, with daily available capacity typically around 4 GW. This has been attributed to systemic inefficiencies.
The investment will be for initiatives such as small hydropower projects, solar installations, rural electrification through mini-grid systems, and projects aimed at promoting a circular economy within the power sector.
Nigeria’s chronic power deficit has been a longstanding impediment to economic growth and development, costing businesses an estimated $29 billion annually, according to the World Bank . Furthermore, the Energy Progress Report 2022 revealed that 92 million Nigerians, nearly half the population, lack access to electricity.