Odimmegwa Johnpeter/Abuja
The Federal Government of Nigeria has signed an initial grant of 20 million Euros and Project Agreement with the German government on Energy transition to support climate friendly development in Nigeria.
This will be facilitated through the KfW Development Bank and the Africa Enterprise Challenge Fund.
The Agreement was signed by the Honourable Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, on behalf of Nigeria in his office yesterday, was between the representative of the German Embassy, Dr. Karin Jasen and representative of the KfW Development Bank, Gerald Keuhnemund.
During the signing ceremony, the Minister informed all that, the project is being built around three primary objectives which are promoting the adoption of renewable energies for energy efficiency, expanding vocational training in renewable energy and energy assets.
According to him, these components are essential in supporting Nigeria’s development agenda, as they will help expand energy assets to under served communities, reduce the country’s dependence on fossil fuels, and build a skilled workforce capable of sustaining the energy economy.
He continued that youths, women, and individuals will be empowered with new economic opportunities that will consequently improve the quality of life for households, businesses, and communities.
Bagudu therefore called for synergy rather than duplication from the African Enterprise Development Fund so as to grow support, as he revealed that there were other programs that provide sustainable and renewable power to the health and tertiary education sectors of the country.
Speaking earlier, the First Secretary, Head of Development Cooperation, German Embassy in Nigeria, Dr. Karin Jansen opined that the agreement with Nigeria marks a significant milestone as Germany celebrates its 50th anniversary of the Energy Transition Challenge Fund by the signing agreement.
She said this initiative strengthens Germany’s financial cooperation with Nigeria to support the country’s ambitious energy transition with an initial commitment of €20 million, she revealed that the fund adopts a competitive approach to finance only the most impactful renewable energy efficiency projects.
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