The European Union (EU) has inaugurated the ‘Team Europe Initiative (TEI) Nigeria Green Economy’ project aimed at stimulating sustainable climate-smart agriculture and renewable energy for the country’s economic growth and diversification.

The EU ambassador to Nigeria and Economic Community of West African States (ECOWAS), Ms Samuela Isopi, unveiled the Euro1.2 project at the 8th EU-Nigeria Business Forum in Lagos yesterday.

The event was tagged: “Nigeria and the New Economy.”

Other members of the TEI Green Economy Project are: Denmark, France, Germany and the Netherlands.

According to the ambassador, the TEI Green Economy consists of 60 projects of different nature to be executed across the agricultural and energy sectors by 2027.

Isopi said the project was aimed at improving the competitive advantage of Nigeria’s agriculture and energy sectors, with emphasis on access to clean and renewable energy as well as job creation, skills, and capacity development.

She explained that the project was a collaborative effort with the EU and member states, private and public sectors and the development financial institutions.

She promised continued support for the Nigerian government in the implementation of its economic diversification policies and new partnerships with the private sector.

She said,

“In line with the EU’s Green Deal, the Green Economy Initiative will support the Nigerian government’s efforts to diversify the economy by combining support to enhance access to renewable energy for productive uses and to enhance development of the agricultural sector.

“Collectively, the actions will help Nigeria attain the UN SDGs and put the country on a sustainable development path.

“The initiative will also offer support in areas of expertise and strong European contribution such as climate-smart agriculture, technological and digital solutions, vocational training, employment and entrepreneurship creation as well as access to sustainable energy.”

She added the TEI would forge new partnerships with member states interested in supporting Nigeria’s circular economy efforts.

Ms Inga Stefanowicz, EU Team Leader, Green and Digital Economy in Nigeria, said the European Investment Bank (EIB) and the European Development Financial Institutions would assist various players in the value-chains in the agricultural and energy sectors.

Stefanowicz said, “By combining EIB’s investment facilities with the European Development Finance Institutions and EU member states, the flagship initiative will create space for EU trade and investment while creating job opportunities for Nigeria’s youth.

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