EU set to invest millions of euros in Nigeria’s power sector

The European Union (EU) is launching a 30 million Euro sustainable energy investment fund in Nigeria.

Mr Adekunle Makinde, a former National Chairman, Nigerian Institute of Electrical and Electronics Engineers (NIEEE) and co-Chairman of the forum, made this known on Thursday in Lagos.

Malinda said in a statement that the launch was part of the activities to mark the upcoming Nigeria Energy Forum (NEF) 2019.

He said that Ms Carla Montesi, Director of West and Central Africa, European Commission Department for International Cooperation and Development would launch the EU-funded Electrification Financing Initiative’s (ElectriFI) Nigeria Funding Window.

Makinde also said that Montesi was expected to make a keynote presentation at the conference.

“The forum will provide up to 30 Million Euro investment for off-grid and captive power projects in Nigeria.

“NEF 2019 will also focus on achieving the Sustainable Development Goal 7 and how to facilitate investments in sustainable electrification, grid modernization and digital energy technologies.

“The Forum, which will hold from April 9 to April 10 at the Admiralty Centre, Naval Dockyards, Victoria Island, Lagos, will have as keynote speakers, Prof. James Momoh, Chairman, Nigerian Electricity Regulatory Commission (NERC).

“Others are Dr Weibe Boer, Chief Executive Officer (CEO) All On; and Engr. John Funso-Adebayo, NIEEE National Chairman,” he said.

The forum Chairman, Dr Oluwole Adeuyi, said that NEF 2019 would address key themes pertinent to mobilising local and foreign investments for sustainable energy development in Nigeria.

According to Adeuyi, the forum will feature over 3 top-class hands-on capacity building workshops on Making Bankable Energy Projects, by the Sterling Bank.

“Others are Electrification Finance Initiative (ElectriFI) Nigeria Window Launch, an EU-funded project; and Ghana-Nigeria Climate Innovation Exchange, by GhCIC, Ghana.

“Over 250 participants are expected to attend seven different technical, investment and training sessions, acquiring new skills through practical exposure to modern energy technologies, engage with expert speakers, exhibitors and training providers,” he said.