EU Plans To Invest In Nigeria’s Renewable Energy Entrepreneurs

The European Union has revealed plans to invest in entrepreneurial ideas that will boost renewable energy in Nigeria.

The Head of the EU Delegation to Nigeria and the Economic Community of West African States, Ketil Karlsen, who made this known at the union’s ‘Green Event’, said the EU would continue to support all efforts toward ensuring that Nigeria met its target of 30 per cent energy mix by 2030.

He said the union was enabling communities in Nigeria to harness solar power to generate renewable energy, adding that the EU had set aside €165m for intervention in the energy sector to improve access to over 90 million Nigerians and business owners without access to energy.

He noted that at least 80 million people in Nigeria did not have access to clean, affordable and stable energy.

Karlson said, “So, already, there is so much to do to have access to energy to provide electricity to hospitals, health facilities, schools and for businesses. This is because by the end of the day, without having affordable energy supply, the businesses will not be competitive. They will not be able to compete with other countries.

“We look for investment projects and opportunities to invest in young dynamic entrepreneurs that have the great ideas to boost the use of renewable energy. So, it is about finding the right formula that will allow that development to take place; that will allow that job creation to take place.’’

The ambassador explained that ensuring the use of renewable energy should be done in a manner that would not affect the environment.

“It should be done in a manner where we do not add to the already existing climate change in Nigeria and elsewhere. So, this is the resounding message that we are giving today; take this matter seriously,” he said.

Karlsen said the EU would help in developing best practices for renewable energy in the country.